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, Specific Tax”
Since public goods and services do not allow a non-payer to be excluded. If tax is levied directly on personal or corporate income.INTRODUCTION What is tax ? A fee charged ("levied") by a government on a product. such as street lighting and street cleaning. then it is called an indirect tax. there cannot be a market in the good or service. and so they need to be provided by the government or a quasi-government agency. which tend to finance themselves largely through taxes. One of the most important uses of taxes is to finance public goods and services. RNSIT . If tax is levied on the price of a good or service. then it is a direct tax. or allow exclusion by a consumer. or activity. income. The purpose of taxation is to finance government expenditure.
Objective of raising revenue Regulatory objectives Regulatory consumption Regulatory production Regulating imports and exports Regulating effects of inflation. depression etc RNSIT .
Developmental objectives Economic development Capital formation Increasing employment opportunities Objectives of reducing inequalities Inequalities in economic disparities Reduction in regional imbalances RNSIT .
in taxes. FORD might buy its steel and other materials for 80. the government pockets 58. takes a credit for the 50.000 for the SUV and 58. Ultimately. a car with a sticker price of 300. A buyer then pays 558. Ford takes an 8000 credit for the tax it already paid and sends 58. or 10% of the retail price of the car.000 to the government. RNSIT . The dealer collects the 50. A dealer then pays 500.000 and a value-added rate of 10%. and sends 5000 to tax authorities.000.000 plus a 50.000 worth of taxes already paid.000. for instance.000 in taxes. Take.000 plus 8000 in a VAT tax.000 tax for the finished vehicle.
Tamil Nadu charges the highest sales tax Hyderabad’s 20% lowest among big cities 60% higher in India than in other countries 300 flights daily. For direct import of fuel. down from 340 previously 30% of its cabin crew of 1. so no sales tax is payable At 29%.800 has quit RNSIT .
18 per liter.G) excise and customs levies 33.06 (C.47% Ex:71rs 17.G) sales tax & enter tax 36.69 (S. (AC) 5rs RNSIT .