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Which of the following is true about Value Added Tax (VAT)?
1. It is consumption tax levied on value added to the product on every stage of its production.
2. VAT is levied by the Union Governments.
3. The income tax on retailers is now decided on the basis of their VAT collection in a year.
Codes
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- Only 1
- Only 2
- Only 3
- All 1, 2 and 3
Correct Option: A
N/A