Variants of VAT
VAT has three variants namely:-
(a) gross product variant,
(b) income variant,
(c) consumption variant.
These variants can be further distinguished according to their methods of calculation,-
(1) additional method,
(2) invoice method,
The subtraction method could be further divided into :
(a) direct subtraction method,
(b) intermediate subtraction method, and
(c) indirect subtraction method.