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   Value Added Tax is a multi-point sales tax with set off for tax paid on purchases.  A tax on the value addition on the product.  Burden of tax is ultimately borne by the consumer. VAT  HISTORY  German industrialist Dr. Wilhelm von iemens proposed the concept in !"!#.  $aurice %aur&' (oint Director of the )rench Tax Authority' was first to introduce VAT on April !*' !"+,.  IN INDIA  $aority of the tates have already implemented VAT from !.,.**+.  $anmohan in/h introduced the idea in !""+.  0redit /oes to former )inance $inister (aswant in/h for implementin/ it.  1aryana was the first state to introduce VAT2year **34.  The committee of finance minister and chief minister su//ested for it in !""+ and "#.  VAT Terminolo/y Output VAT  5Amount received by a seller as a percenta/e of the /ross sale  price of /oods or services  Input VAT 5Amount paid by a buyer as a percenta/e of the /ross  purchase price for /oods or services used in production.  Zero Rated 5Transactions in which the seller collects no output tax and the correspondin/ input tax is fully refundable. 6xports are 7ero rated  Exempt 5Transactions in which the seller collects no output tax but the correspondin/ input tax is non-refundable and absorbed by the seller. )inancial services are commonly exempt.
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