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Q.

What is Value Added Tax (VAT)?

[A] A new tax to be imposed on the producers of capital goods
[B] A simple, transparent, easy to pay tax imposed on consumers
[C] A single tax that replaces State taxes like, surcharge, turnover tax, etc.
[D] A new initiative taken by the Government to increase the tax-burden of high income groups
Answer & Explanation
Option: [C]

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