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explain what is value added tax (VAT) and how it calculate

the value added tax means that, a tax which is already added to the price of a particular product in small percentage and this is invisible to the retailers and the consumers and also it is decided by the manufacturers only and also they are only know how much percentage we are added VAT on a particular product.

Value Added Tax can be defined as the sales tax collected by the State Government. In other words VAT is consumption tax levied on any value which is added to the product. It differs from sales tax as sales tax is collected by the government only once. VAT is collected each time of business in the supply chain process. It can be calculated by deducting the amount received as sales tax during the payment period.

most imp chapters of tax lawx for c.s