[amp_mcq option1=”nan” option2=”14%” option3=”15%” option4=”18%” correct=”option1″]<\/p>\n
The correct answer is: a) 12%<\/strong><\/p>\n The Value Added Tax (VAT) is a consumption tax levied on most goods and services sold in India. The rate of VAT varies from state to state, and in Odisha, the current rate of basic VAT is 12%.<\/p>\n The VAT is a destination-based tax, which means that it is levied on the value added to goods and services at the point of consumption. The tax is collected by the state government in which the goods or services are consumed.<\/p>\n The VAT is a major source of revenue for the state government, and it is used to fund a variety of government services. The VAT is also a major factor in the cost of goods and services, and it can have a significant impact on the economy.<\/p>\n The VAT is a complex tax, and there are a number of exemptions and special rules that apply. It is important to consult with a tax professional to ensure that you are in compliance with the VAT laws.<\/p>\n The other options are incorrect because they are not the current rate of basic VAT in Odisha.<\/p>\n","protected":false},"excerpt":{"rendered":" [amp_mcq option1=”nan” option2=”14%” option3=”15%” option4=”18%” correct=”option1″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[990],"tags":[],"class_list":["post-62484","post","type-post","status-publish","format-standard","hentry","category-odisha-gk-mcq","no-featured-image-padding"],"yoast_head":"\n