Hey Asad,
As Steve already said, Vm is the peak voltage of the signal, and t is the time elapsed since the signal generation has started. Basically, t is the independent variable that varies with time, and based on the value of t, you can calculate the voltage value of the signal.
In the case of a sine wave :
when t = 0, [(2xpi/T) * 0t] = 0 and therefore V = Vm*sin(0) = 0.
when t=T/4, [(2xpi/T) * T/4] => sin(pi/2) = 1 => V = Vm -----> This is the maximum value of the function. If you were to find the value of V at values of t, and plot them on a graph, you'd end up with a sine wave.
Hope this helps.
P.S : T is the time period, 1/T is called the frequency and (2*pi/T) is called angular frequency/