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    Dy - Patil International University Pune, Akurdi: Topic: Concept of Indirect Tax

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    Mïhîr PrÆbhát
    Indirect tax is a tax that is passed on to the final consumer. It is imposed on manufacturers and suppliers who pass the tax amount to consumers by increasing prices. Some examples of indirect taxes in India include service tax, excise duty, value-added tax (VAT), and customs duty. The key features of indirect taxes are that the tax liability is transferred to consumers, the seller pays the tax amount to the government and recovers it from consumers, and they are generally difficult to evade since they are implemented through product and service prices. Goods and Services Tax (GST) is an indirect tax that subsumes several other indirect taxes at both the central and state levels.

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    Dy - Patil International University Pune, Akurdi: Topic: Concept of Indirect Tax

    Uploaded by

    Mïhîr PrÆbhát
    23 views14 pages
    Indirect tax is a tax that is passed on to the final consumer. It is imposed on manufacturers and suppliers who pass the tax amount to consumers by increasing prices. Some examples of indirect taxes in India include service tax, excise duty, value-added tax (VAT), and customs duty. The key features of indirect taxes are that the tax liability is transferred to consumers, the seller pays the tax amount to the government and recovers it from consumers, and they are generally difficult to evade since they are implemented through product and service prices. Goods and Services Tax (GST) is an indirect tax that subsumes several other indirect taxes at both the central and state levels.

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    Indirect tax is a tax that is passed on to the final consumer. It is imposed on manufacturers and suppliers who pass the tax amount to consumers by increasing prices. Some examples of indirect taxes in India include service tax, excise duty, value-added tax (VAT), and customs duty. The key features of indirect taxes are that the tax liability is transferred to consumers, the seller pays the tax amount to the government and recovers it from consumers, and they are generally difficult to evade since they are implemented through product and service prices. Goods and Services Tax (GST) is an indirect tax that subsumes several other indirect taxes at both the central and state levels.

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    Download as pptx, pdf, or txt
    23 views14 pages

    Dy - Patil International University Pune, Akurdi: Topic: Concept of Indirect Tax

    Uploaded by

    Mïhîr PrÆbhát
    Indirect tax is a tax that is passed on to the final consumer. It is imposed on manufacturers and suppliers who pass the tax amount to consumers by increasing prices. Some examples of indirect taxes in India include service tax, excise duty, value-added tax (VAT), and customs duty. The key features of indirect taxes are that the tax liability is transferred to consumers, the seller pays the tax amount to the government and recovers it from consumers, and they are generally difficult to evade since they are implemented through product and service prices. Goods and Services Tax (GST) is an indirect tax that subsumes several other indirect taxes at both the central and state levels.

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    DY.

    PATIL INTERNATIONAL UNIVERSITY


    Pune, Akurdi

    Topic: Concept of Indirect Tax


    Presented By: 1. Mihir Prabhat(041)
    2. Hozaifa Jawed(036)
    What is Indirect Tax?

    • Indirect tax is a tax that can be passed on to


    another individual or entity. Indirect tax is generally
    imposed on suppliers or manufacturers who pass
    it on to the final consumer. Excise duty, customs
    duty, and Value-Added Tax (VAT) are examples of
    Indirect taxes.
    Indirect Tax in India
    • Taxes are levied on manufacture, sale, import and even purchases
    of goods and services
    • This tax is often levied on good and services which results in their
    higher prices.
    • Indirect tax is not levied on the income of the taxpayer and can be
    passed on to other individuals or entity.
    Types of Indirect Taxes
    Service tax:
    • This tax is levied by an entity in return for the
    service provided by them. The service tax is
    collected by the Government of India and
    deposited with them.
    Excise duty:
    When any product or good is manufactured by a
    company in India, then the tax levied on those goods is
    called the Excise Duty. The manufacturing company
    pays the tax on the goods and in turn recover the
    amount from their customers.
    Value Added Tax:
    Also known as VAT, this type of tax is levied on any
    product sold directly to customer and are movable. VAT
    consists of Central Sales Tax which is paid to
    government of India State Central Tax which is paid to
    respective State Government.
    Custom Duty:

    This tax is levied on the goods imported to


    India. Sometimes, custom Duty is also
    levied on products which are exported out of
    India
    Features of Indirect Tax
    Tax liability:
    • The service provider or seller pays indirect taxes to the government, and the liability is transferred to the
    consumer.
    Payment of tax:
    • The seller pays indirect taxes to the government and the same is transferred to the consumer.
    Nature:
    • Indirect taxes were initially regressive in nature, but thanks to the implementation of the Goods and
    Services Tax, they are now pretty progressive.
    Saving and Investment:
    • Indirect taxes are generally growth-oriented considering the fact that they encourage consumers to save
    and invest.
    Evasion:
    • It is difficult to evade indirect taxes because they are now implemented directly through products and
    service
    Why GST is Indirect Tax?
     
    • The Goods and Services Tax, or GST as it is commonly known, was implemented on July 1st,
    2017 to subsume the various indirect taxes in the country.

    • The taxes that were once compulsory are now done away with due to the introduction of the new
    tax regime.

    • One of the main benefits of GST is that it has eliminated the cascading effect of tax, thereby
    ensuring that they do not end up paying for every value addition.

    • The taxes subsumed under GST on the state level include service tax, state excise duty,
    countervailing duty, additional excise duty, and special additional custom duties.

    • The taxes subsumed under GST at the central level include sales tax, central sales tax purchase
    tax, entertainment tax, luxury tax and entry tax, and taxes on betting and lottery gambling.

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