Define tax and mention different kinds of tax . please guys if you know so answer it please.
Answers
Explanation:
Tax is an obligatory contribution to the state revenue; the government of India levy on the income of workers and business gains or added up to the cost of some transactions, goods and services.The government levies taxes on the citizens of the country to produce income for business projects to enhance the country’s economy and to lift up the standard of living of the nationals. The government’s authority to a levy tax in our country is drawn from the Constitution of India that deals out the supremacy to levy taxes to the State as well as Central governments. All the taxes levied within the country require being backed by an escorting law passed by the State Legislature or the Parliament.
Types of Taxes:
There are two types of taxes namely, direct taxes and indirect taxes. The implementation of both the taxes differs. You pay some of them directly, like the cringed income tax, corporate tax, and wealth tax etc while you pay some of the taxes indirectly, like sales tax, service tax, and value added tax etc.
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Answer:
There are two types of taxes namely, direct taxes and indirect taxes. The implementation of both the taxes differs. You pay some of them directly, like the cringed income tax, corporate tax, and wealth tax etc while you pay some of the taxes indirectly, like sales tax, service tax, and value added tax etc.