Indirect-Taxation
Indirect taxes are those that can be levied on another entity or individual. They are typically charged against a producer or supplier, who subsequently passes the tariff on to the customer. The tax imposed on alcohol or cigarettes is the most prevalent illustration of an indirect tax.
Following are the types of Indirect Taxation
- Goods & Service Tax (GST)
- Custom Duty
- Stamp Duty
- Entertainment Tax
In brief, we have outlined these taxes below:
Goods & Service Tax (GST)
The GST Tax is levied on all goods and services across the country. Currently, there are 3 types of GST that include CGST, SGST, and IGST. These divisions’ helps in determining between inter-states, intra-state and alleviates the indirect taxes.
Custom Duty
Customs duty is a charge that is levied on products when they traverse international boundaries. In layman's words, it is a tax levied on the import and export of products. By doing so, the government increases revenues, secures the domestic market, and governs the mobility of goods.
Stamp Duty
Stamp duty is a fee levied by governments on legal documents, typically in the movement of funds or property. The government charges these fees on certain types of documents required by law to record transactions. It contains legal documents that register marriages, military commissions, and property.
Entertainment Tax
Entertainment Tax is charged on all financial transactions concerning entertainment and is mainly intended for state governments. Amusement parks, video games, arcades, exhibitions, celebrity stage shows, sports activities, and other forms of entertainment are subject to the entertainment tax.
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