Find out more about taxes that are collected a present . Are these is cash kind or labour services.
Answers
Answer:
Taxes are the compulsory financial charges imposed on a person by its government. These taxes are imposed to run the the government. Presently, they are two types of taxes:
(i) Direct Tax: This types of tax levied directly on the income and assets of a person, e.g:income tax, property tax etc.
(ii) Indirect Tax: This type of tax is levied upon the person via the goods and services he uses. e.g: sales tax, custom duty etc
Currently, taxes are completely monetary as compared to the ones in the past. They are only in cash form/kind.
Taxes collected at present.
• Land tax
• Income tax
• Wealth tax
• Sale tax
• Property tax
• Excise tax
• VAT (value-added tax)
• Service tax
• Education cess {tax)
• Tax on electricity
• Water tax
These taxes are generally in cash