Value Added Tax (VAT) is a tax that is applied to the value added to goods and services at each stage of production and distribution. It is a form of indirect tax that is used in many countries around the world. However, there are various synonyms for VAT that are used interchangeably in different regions. For instance, in the European Union, VAT is referred to as 'Goods and Services Tax' (GST), while in Australia, it is called 'Goods and Services Tax' (GST) as well. Other synonyms include 'Consumption Tax', 'Sales Tax', and 'Turnover Tax'. Regardless of the term used, VAT is an essential source of revenue for governments, contributing to public services such as education, healthcare, and infrastructure development.