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what is the difference between direct tax and indirect tax
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Answer / megha rakshe
A direct tax is one paid directly to the government by the
persons (juristic or natural) on whom it is imposed (often
accompanied by a tax return filed by the taxpayer). Examples
include some income taxes, some corporate taxes, and
transfer taxes such as estate (inheritance) tax and gift tax.
An indirect tax (such as sales tax, value added tax (VAT),
or goods and services tax (GST)) is a tax collected by an
intermediary (such as a retail store) from the person who
bears the ultimate economic burden of the tax (such as the
customer)
| Is This Answer Correct ? | 0 Yes | 2 No |
Answer / brjsh-9899449348-brjshgupta26@
LEVIED = Direct Tax Levied on persons for Income earned or
for Activities Conducted whereas Indirect Tax Levied on
Products and Services.
INCIDENCE OF BURDEN = Direct Tax borne by the person
himself on whom it is levied whereas borne by the ultimate
Consumer of Product or Services.
COLLECTION OF TAX = In Direct Tax Collection of Tax is
Difficult whereas in In-direct Tax collection of Tax is
easier.
SHIFTING OF BURDEN = In Direct Tax there is no shifting of
burden whereas in In-direct Tax , burden is shifted to
ultimate consumer.
EXAMPLES = Examples of Direct Tax are Income Tax, Wealth
Tax, Professional Tax,House Tax, Water Tax, Electricity Tax
etc.Examples of In-direct Tax are Sales Tax (VAT), Custom
Duty,Services Tax, Excise Duty etc.
| Is This Answer Correct ? | 2 Yes | 5 No |
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