Whois & Analysis for legalwindow.in

A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of tax that is assessed incrementally, based on the increase in value of a product or service at each stage of production or distribution.

VAT essentially compensates for the shared services and infrastructure provided in a certain locality by a state and funded by its taxpayers that were used in the elaboration of that product or service.

Not all localities require VAT to be charged and goods and services for export may be exempted (duty free).

VAT is usually implemented as a destination-based tax, where the tax rate is based on the location of the consumer and applied to the sales price.

Confusingly, the terms VAT, GST, consumption tax and sales tax are sometimes used interchangeably.

VAT raises about a fifth of total tax revenues both worldwide and among the members of the Organisation for Economic Co.operation and Development (OECD).

As of 2018, 166 of the world's approximately 193 countries employ a VAT, including all OECD members except the United States, which uses a sales tax system instead.

A tax (from the Latin ) is a mandatory financial charge or some other type of levy imposed upon a taxpayer (an individual or other legal entity) by a governmental organization in order to fund various public expenditures.

A failure to pay, along with evasion of or resistance to taxation, is punishable by law.

Taxes consist of direct or indirect taxes and may be paid in money or as its labour equivalent.

A trademark, trade mark, or trade-mark is a recognizable sign, design, or expression which identifies products or services of a particular source from those of others, although trademarks used to identify services are usually called service marks.

The trademark owner can be an individual, business organization, or any legal entity.

A trademark may be located on a package, a label, a voucher, or on the product itself.

For the sake of corporate identity, trademarks are often displayed on company buildings.

A legal person (in legal contexts often simply person, less ambiguously legal entity) is any human or non-human entity, in other words, any human being, firm, or government agency that is recognized as having privileges and obligations, such as having the ability to enter into contracts, to sue, and to be sued.