what do you mean by taxes(8th standard social)
Answers
Answer:
A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures. ... Most countries charge a tax on an individual's income as well as on corporate income.
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Explanation:
A tax is a mandatory fee or financial charge levied by any government on an individual or an organization to collect revenue for public works providing the best facilities and infrastructure. The collected fund is then used to fund different public expenditure programs. If one fails to pay the taxes or refuse to contribute towards it will invite serious implications under the pre-defined law.
Types of Taxes
Be it an individual or any business/organization, all have to pay the respective taxes in various forms. These taxes are further subcategorized into direct and indirect taxes depending on the manner in which they are paid to the taxation authorities. Let us delve deeper into both types of tax in detail:
Direct Tax
The definition of direct tax is hidden in its name which implies that this tax is paid directly to the government by the taxpayer
The general examples of this type of tax in India are Income Tax and Wealth Tax.
From the government’s perspective, estimating tax earnings from direct taxes is relatively easy as it bears a direct correlation to the income or wealth of the registered taxpayers.
Indirect Tax
Indirect taxes are slightly different from direct taxes and the collection method is also a bit different. These taxes are consumption-based that are applied to goods or services when they are bought and sold.
The indirect tax payment is received by the government from the seller of goods/services.
The seller, in turn, passes the tax on to the end-user i.e. buyer of the good/service.
Thus the name indirect tax as the end-user of the good/service does not pay the tax directly to the government.
Some general examples of indirect tax include sales tax, Goods and Services Tax (GST), Value Added Tax (VAT), etc.
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even the types is taxes are.also there