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Instruments and Mechanism: Taxation: What is a Tax? a Tax

Instruments and Mechanism: Taxation: What is a Tax? a Tax

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Published by a_mohapatra55552752

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Published by: a_mohapatra55552752 on Nov 12, 2009
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12/07/2009

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Instruments and Mechanism:Taxation:What is a tax?A tax is a compulsory levy imposed by the govt. oneconomic units without any correspondingentitlement of a specific or direct quid pro quo.Direct Tax: Impact and incidence on the samepersonImpact: Initial settlement of tax burdenIncidence: Final settlement of tax burdenPersonal income tax, Corporation tax, inheritance taxand wealth tax like.Indirect Tax: Impact and incidence differs.Excise duty, custom duty, sales tax,
 
Taxation as an instrument of fiscal policy can invoke anyone or more of the following:Changes in tax ratesChanges in tax baseChanges in tax administrationBasic Mechanism:EquityEconomyConvenienceAdequacyBuoyancyFlexibilityDiversityTransparencyProductivity

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