Which one of the following is not a feature of “Value Added Tax" ?
Options
(a)It is a multi-point destination-based system of taxation
(b)It is a tax levied on value addition at each stage of transaction in the production-distribution chain
(c)It is a tax on the final consumption of goods or services and must ultimately be borne by the consumer
(d)It is basically a subject of the Central Government and the State Governments are only a facilitator for its successful implementation
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Class 12Government Budget and the Economy— NCERT Economics, Chapter 5. The government budget — the Annual Financial Statement required by Article 112 — lists estimated receipts and expenditure for the financial year (1 April–31 March). It…
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