Question

Define indirect taxes Explain the types of the indirect taxes

Answer 1

Indirect Taxes are basically the taxes which are not directly levied on the Income of an Individual but is indirectly levied on the Expense incurred by the Individual. This tax is basically levied on the seller of goods or the provider of service but in most cases, he passes it on to the end consumer and therefore, it is the end consumer who bears this in the form of an indirect tax.

In other words, Indirect Tax is levied on the person who is making the sale but he can recover the same from the buyer. In some cases, the Indirect Tax portion is specifically mentioned in the invoice whereas in other cases – the portion of indirect tax is automatically included in the transaction value and not disclosed separately.

Answer 2

hyy..

☆Definition: Indirect tax is a type of tax where the incidence and impact of taxation does not fall on the same entity.

☆Description: In the case of indirect tax, the burden of tax can be shifted by the taxpayer to someone else. Indirect tax has the effect to raising the price of the products on which they are imposed. Customs duty, central excise, service tax and value added tax are examples of indirect tax. 

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