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Taxation: Direct, Indirect Taxes & GST Video Lecture | Indian Economy for UPSC CSE
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FAQs on Taxation: Direct, Indirect Taxes & GST Video Lecture - Indian Economy for UPSC CSE
| 1. What is the difference between direct and indirect taxes? |  |
Ans. Direct taxes are levied on individuals and entities directly by the government, such as income tax, property tax, and wealth tax. Indirect taxes, on the other hand, are imposed on the sale and consumption of goods and services, like value-added tax (VAT) and goods and services tax (GST).
| 2. How does GST differ from other indirect taxes? | |
Ans. GST, or Goods and Services Tax, is a comprehensive indirect tax levied on the supply of goods and services throughout a country. Unlike other indirect taxes that were imposed separately by the central and state governments, GST is a unified tax system that eliminates the cascading effect of multiple taxes and simplifies the tax structure.
| 3. How does GST affect the common man? | |
Ans. GST has a mixed impact on the common man. While it has led to the reduction in prices of some goods and services due to the elimination of cascading taxes, it has also resulted in the increase in prices of certain items due to the higher tax rates under GST. Overall, GST aims to streamline the tax structure, reduce tax evasion, and promote economic growth.
| 4. How does the government collect direct taxes? | |
Ans. The government collects direct taxes by assessing the income or assets of individuals and entities. For example, income tax is collected by the government based on the income earned by individuals and corporations. The tax is usually deducted at source or paid by the taxpayer directly to the government through the filing of tax returns.
| 5. What are the benefits of indirect taxes like GST? | |
Ans. Indirect taxes like GST have several benefits. They simplify the tax structure by replacing multiple taxes with a single tax, reduce tax evasion by implementing a robust tracking system, promote ease of doing business by eliminating state-level barriers, and ensure fair distribution of tax burden by taxing consumption rather than income or wealth.
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Nov 17, 2024 Last updated |
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