Free Download Indirect Tax Book For Ca Final Bangar
Learn the basics of indirect tax and its impact on economy.An indirect tax is a tax collected by an intermediary such as a retail store, distributor or an entertainment venue from the person who bears the ultimate economic burden of the tax. They are distinguished from direct taxes which are collected directly from persons or corporations (payable on income, profits, dividends, capital gains and estates). The following article will explain some of these concepts and their effect on economies and consumers that pay them.A rudimentary understanding of what an indirect tax is will help you to assess their relative merits and shortcomings more competently. It will also help you to understand taxation more thoroughly.A central concept of indirect taxes is that they are charged on the value added at each stage of production. The tax is only levied on the value added by each producer, so that each successive producer can claim an input tax credit for the tax paid by his supplier. Under this system, the amount of input tax credit for which he can claim relief will be reduced by any amount of output tax that he must pay on his output.The main advantage of an indirect tax is that it can be avoided more readily than a direct one. For example, if you buy goods at $100 and sell them at $110, you will have to pay 10% GST (i.e. 10% of $10). If you buy goods at $100 and sell them at $10, you will have to pay 10% GST (i.e. 10% of $90). The better you can avoid paying the GST, the better off you will be.Indirect taxes (or consumption taxes) are usually collected by a third party, such as a retailer or financial institution, and passed on to government.A positive feature of indirect taxes is that they tax all consumer spending, not just income from employment or investments, so they discourage excessive consumption and saving at the same time. In addition to being an economic lever for controlling inflation, this has been the major criticism levied against direct taxation. The value of an indirect tax compares favorably with a direct tax in terms of administration and compliance costs for all parties involved. It is a more convenient method of taxation, since businesses collect the tax from the consumer and remit it to government. It is more suitable for taxing luxury goods, since it allows the seller to retain the right to determine pricing.Because indirect taxes are imposed on top of pre-existing price levels, they are regressive taxes that place a larger relative burden on low-income earners than high-income earners. In addition, they encourage smuggling and criminal activities such as the black market and contraband cigarettes. Given these shortcomings, indirect taxes have been supplanted by direct taxes in many countries today. The following revenue streams are examples of indirect taxes:VAT (Value-added tax) or Goods and Services Tax (GST) is levied on the value added at each stage of production, thereby shifting the incidence of tax from the producer to the consumer. It is currently levied in over 160 countries, but not all countries use it as their main source of taxation. With its wide use, VAT has become very important in international commerce. Many countries require their VAT be charged by foreign companies selling goods there, and some companies even include it in their selling prices.
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bangar indirect tax book for ca final
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