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Indirect Taxes will be charged on |
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Answer» It is a tax levied by the Government on goods and services and not on the income, profit or REVENUE of an individual and it can be shifted from one TAXPAYER to another.Earlier, an indirect tax meant paying more than the ACTUAL price of a product bought or a service acquired. And there was a myriad of indirect taxes IMPOSED on taxpayers.Let’s discuss a few indirect taxes that were earlier imposed in India:Customs Duty- It is an Import duty levied on goods COMING from outside the country, ultimately paid for by consumers and retailers in India.Central Excise Duty- This tax was payable by the manufacturers who would then shift the tax burden to retailers and wholesalers. |
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