An Indirect taxes is collected by one entity in the supply chain and paid to the government, but it passed on to the consumer as a part of the purchase price of a good & Service<\/p>\n
Indirect tax is tax imposed by the government on a taxpayer for good and services bought. Indirect tax is not levied on the income of the taxpayer and can be passed on from one individual to another.<\/p>\n
Examples of indirect taxes include sales tax, entertainment tax, excise duty etc.<\/p>\n
Different types of indirect taxes: b)Service Tax: c)Excise Duty: d)Sales Tax: e)Value Add Tax (VAT): f) Entertainment Duty: g)Securities Tax Transactions: Features of Indirect Taxes: 2)Revenue for Government: 3)Tax liability: 4)Charged on Commodities: 5)Paid by the consumer: Advantage of Indirect taxes: An Indirect taxes is collected by one entity in the supply chain and paid to the government, but it passed on to the consumer as a part of the purchase price of a good & Service Indirect tax is tax imposed by the government on a taxpayer for good and services bought. Indirect tax is …<\/p>\n","protected":false},"author":1,"featured_media":382,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"Indirect Taxes in India | Blog| PK Chopra & Co. ","_seopress_titles_desc":"Read all about Indirect Taxes in India , types of indirect taxes, Features of Indirect Taxes and Advantage of Indirect taxes","_seopress_robots_index":""},"categories":[11],"tags":[249,250,248],"_links":{"self":[{"href":"https:\/\/pkchopra.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/381"}],"collection":[{"href":"https:\/\/pkchopra.com\/blog\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pkchopra.com\/blog\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pkchopra.com\/blog\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pkchopra.com\/blog\/index.php\/wp-json\/wp\/v2\/comments?post=381"}],"version-history":[{"count":2,"href":"https:\/\/pkchopra.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/381\/revisions"}],"predecessor-version":[{"id":414,"href":"https:\/\/pkchopra.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/381\/revisions\/414"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pkchopra.com\/blog\/index.php\/wp-json\/wp\/v2\/media\/382"}],"wp:attachment":[{"href":"https:\/\/pkchopra.com\/blog\/index.php\/wp-json\/wp\/v2\/media?parent=381"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pkchopra.com\/blog\/index.php\/wp-json\/wp\/v2\/categories?post=381"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pkchopra.com\/blog\/index.php\/wp-json\/wp\/v2\/tags?post=381"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n<\/strong>a)Custom Duty:
\n<\/strong>This a tax levied on the goods imported to India. Sometimes, Custom duty is also levied on products which are exported out of India.<\/p>\n
\n<\/strong>Applicable on the services provided by a company and paid by the recipient of their services, collected by and deposited with central government.<\/p>\n
\n<\/strong>It is levied on the goods produced or manufactured in India, paid by the manufactures of goods. It is often recovered from the customers.<\/p>\n
\n<\/strong>This tax was paid by the retailer , who would then shifts the tax burden to customers by charging sales tax on good and services.<\/p>\n
\n<\/strong>It was collected on the value of goods or services that were added at each stage of their manufacture of distribution and then finally passed on the customer.<\/p>\n
\n<\/strong>Levied on all financial transactions related to entertainment such as movies shows, amusement park, video games, arcades, and sport activities, charged by the respective state government.<\/p>\n
\n<\/strong>This tax is levied at the time of trade securities through India stock exchange.<\/p>\n
\n<\/strong>1)Shifts the \u00a0burden of Tax:
\n<\/strong>Seller of the goods are required to pay the indirect taxesto the government.But they transfer the liability to their consumers.<\/p>\n
\n<\/strong>Since this type of tax cannot be easily evaded and is applicable on the most of commodities, it serves as a major revenue source for the govt. Its contribution is higher than the direct tax.<\/p>\n
\n<\/strong>The service provider or seller pays indirect taxes to the government , and the liability is transferred to the consumer.<\/p>\n
\n<\/strong>Indirect taxes charge on material things such as goods and services. These are levied on \u00a0the income you earn.<\/p>\n
\n<\/strong>The liability of indirect tax is passed on by the sellers to the consumer. This tax is\u00a0 thus charged at the point of sales and is paid by the customer.<\/p>\n
\n<\/strong>1)Convenienvce
\n2)Ease of Collection
\n3)Collection from the poor
\n4)Equitable Contributions
\n5)Limit Harmful Consumption<\/p>\n","protected":false},"excerpt":{"rendered":"