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Tax System - Economics, UPSC IAS Exam Preparation Video Lecture | Indian Economy (Prelims) by Shahid Ali
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36 videos|62 docs|78 tests
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FAQs on Tax System - Economics, UPSC IAS Exam Preparation Video Lecture - Indian Economy (Prelims) by Shahid Ali
| 1. What is the tax system? |  |
Ans. The tax system refers to the set of rules and regulations implemented by the government to collect taxes from individuals and businesses. It includes various types of taxes such as income tax, sales tax, property tax, and corporate tax.
| 2. What is the significance of the tax system in the economy? | |
Ans. The tax system plays a crucial role in the economy as it provides the government with the necessary funds to finance public goods and services. Taxes are used to fund infrastructure development, healthcare, education, defense, and other essential services that contribute to economic growth and social welfare.
| 3. What are the different types of taxes in the tax system? | |
Ans. The tax system consists of several types of taxes, including income tax, which is levied on the income earned by individuals and businesses; sales tax, which is imposed on the purchase of goods and services; property tax, which is based on the value of real estate owned by individuals and businesses; and corporate tax, which is applied to the profits of corporations.
| 4. How does the tax system impact individuals and businesses? | |
Ans. The tax system has a direct impact on individuals and businesses. Individuals are required to pay taxes on their income, purchases, and property, which reduces their disposable income. Businesses, on the other hand, are responsible for paying corporate taxes, which affects their profitability and ability to invest and expand. Additionally, tax policies can influence consumer behavior and investment decisions.
| 5. How does the tax system promote economic stability and social equity? | |
Ans. The tax system can be used as a tool to promote economic stability and social equity. Progressive tax systems, where higher-income individuals pay a larger proportion of their income in taxes, can help reduce income inequality. Additionally, taxes can be used to regulate economic activities, discourage negative externalities such as pollution, and incentivize desired behaviors such as investment in renewable energy. The revenue generated from taxes can be used to fund social welfare programs, infrastructure development, and other initiatives that promote economic stability and social equity.
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Dec 21, 2024 Last updated |
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