Excise Taxes Definition of ’Excise Tax’ 1. An indirect tax charged on the sale of a particular good. 2. A penalty tax applied to ineligible transactions in retirement accounts. This penalty is assessed by and paid to the Internal Revenue Service (IRS). 1. Excise taxes are considered an indirect form of taxation because the government does not directly apply the tax. An intermediary‚ either the producer or merchant‚ is charged and then must pay the tax to the government. These taxes can be categorized
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and road tax or through indirect taxes such as the sales tax and the services tax. For direct taxes‚ taxpayers will definitely realize that they are facing the tax burden since taxpayers are required to declare their income and to pay tax accordingly to the government. However‚ for indirect taxes‚ taxpayers usually don’t realize that they are being taxed since the amount of tax is already accounted for with the selling price. Goods and services tax (GST) is one type of indirect taxes. GST is also known
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direct incentives or benefits to this sector. From a tax perspective‚ FMCG sector has been constantly contributing at the highest rate to the government kitty‚ more so from the perspective of indirect tax on account of its nature of taxation which is levied on consumption rather than income. In India‚ indirect tax has a multiple tax structure — taxes at central level such as excise‚ service tax and customs‚ and taxes at state level such as VAT and entry tax. Further‚ there are local levies like octroi
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1930 - tenancy problem‚ SAKDALISTA (Benigno Ramos) 1940 - pedro abad santos ‚ religous and public states 1935 - secuirity of all the people RA No 34 of 1946 - 70 - 30 crops sharing (Manuel Roxas) RA No. 1199‚ Sept. 1954 ‚ Ramon Magsaysay. amended by RA No. 2263 division of crops 1955 - Land Reform enacted RA No. 3844‚ 1963‚ Diosdado Macapagal - Agricultural Land Reform Code. Presidential Decree No. 2‚ September 21‚ 1972‚ Ferdinand Marcos - entire Philippines as land reform area. Presidential
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TAX STRUCTURE IN INDIA Introduction: India has a well-developed tax structure with clearly demarcated authority between Central and State Governments and local bodies. Central Government levies taxes on income (except tax on agricultural income‚ which the State Governments can levy)‚ customs duties‚ central excise and service tax. The Tax Structure in India is quite strong and follows the financial year. The taxation under the tax structure in India is applicable for any kind of income pertaining
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Summary: Jim O’Connor‚ President and Owner of Le Petit Gourmet‚ received a shocking phone call while vacation in California‚ which informed him that his business is going to shut down indefinitely due to the outbreaks of hepatitis A in his catering facility. Le Petit Gourmet was a family catering business that had been operating in the Denver metro area for more than 30 years. Le Petit employed between 150 and 200 people‚ 75 of whom were full time. Along with Le Petit was perceived as the most
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Indirect Tax CA Pranjal Joshi Lecture Plan for Indirect Taxation |Lecture No. |Particulars | |01 |Scheme of Taxation in India‚ Constitutional provisions‚ Direct vs. Indirect Tax‚ Excise Duty – Journey so far | |02 |Fundamentals of excise duty‚ Goods‚ marketability test‚ Excisable‚ Manufacture | |03
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major rationalization and simplification of the consumption tax structure at both the centre and state levels by replacing all central and state level indirect taxes such as value added tax (VAT)‚ excise duty‚ service tax‚ entertainment tax among others bring relief to the common man. GST: An Executive Summary GST is the most ambitious indirect tax reform in India ever attempted and aims to create one “borderless domestic market”. It will tax consumption as against “production” which is the current
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6 | 8.7 | 8.3 | 8.8 | 9.0 | 9.3 | Non-tax Revenue | 2.1 | 2.0 | 2.1 | 2.2 | 2.3 | 2.2 | 2.2 | Analysis: The ratio of tax revenue to GDP is very low comparing to other developing countries. High-ratio of indirect to direct tax revenue: Most of the tax revenue is from indirect taxes which are clear from the following table (Source: Bangladesh Economic Review-2010). Revenue (TK. In crore) | 2003-04 | 2004-05 | 2005-06 | 2006-07 | 2007-08 | 2008-09 | 2009-10 | Total revenue | 35400 |
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development and defence needs of a nation. DIRECT AND INDIRECT TAXES •Direct Taxes: A tax which is born and paid directly by the person on whom it is impose is a direct tax e.g.‚ Income Tax‚ Wealth Tax‚ Gift Tax‚ etc. It is directly paid by the tax payer to the government without any intermediary and it comes from own pocket. •Indirect Taxes: If the liability of payment of tax can be passed on by the tax payer to some other person it is an indirect tax e.g. Sales Tax‚ Value Added Tax (VAT) etc. It
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