Indirect taxes contribute extensively to the government revenue and in recent years indirect tax collection has exceeded the direct tax incomes.
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In India, indirect taxes are taxes levied on the sale and consumption of goods and services. These taxes are passed on to the consumer in the form of higher prices for the goods and services being purchased. Indirect taxes in India include the Goods and Services Tax (GST), Central Excise Duty, and Customs Duty.
The GST is a comprehensive indirect tax that was introduced in India in 2017, replacing several indirect taxes that were previously in place. It is levied on the supply of goods and services, and is applicable to all stages of the supply chain, from the manufacturer to the consumer. GST is collected by the central government, but a portion of the revenue is shared with the states where the goods and services are consumed.
Central Excise Duty is an indirect tax that is levied on the manufacture of goods within the country. It is collected by the central government and is applied to a wide range of goods, including tobacco, petroleum products, and luxury goods.
Customs Duty is an indirect tax that is levied on the import of goods into the country. It is collected by the central government and is applied to a wide range of goods, including consumer goods, raw materials, and capital goods.
In conclusion, indirect taxes in India include the GST, Central Excise Duty, and Customs Duty, and are levied on the sale and consumption of goods and services. These taxes are an important source of revenue for the government and play a significant role in the country’s tax system.
