give a brief account on tax system
Answers
Answer:
Indirect Tax: The sellers of the goods and services collect the tax which is then collected by the government bodies. Value Added Tax (VAT)– A sales tax levied on goods sold in the state. The rate depends on the government. ... Customs Duty– It is a tax levied on anything which is imported into India from a foreign nation.
Answer:
Tax is money that people have to pay to the government. ... For example, taxes are used to pay for people who work for the government, such as the military and police, provide services such as education and health care, and to maintain or build things like roads, bridges and sewers.
Tax systems in the U.S. fall into three main categories: regressive, proportional, and progressive and two of the three impact high- and low-income earners differently. Regressive taxes have a greater impact on lower-income individuals than the wealthy.