What is VAT? How to Create a VAT/CST/TIN ID?

Synonymous with the Central Service Tax (CST) Registration and the Taxpayer Identification Number (TIN) Registration, Value Added Tax (VAT) Registration, is a necessity for any business, be it a proprietorship or a partnership, involved in trading and manufacturing any kind of products.  Registered businesses can also opt for the Input Tax Credit (ITC) and apply them on future sales. This relieves the businesses from having to pay the VAT themselves but instead it gets added to the retailer invoice and the customer ultimately pays for it.