Which of the 9 types of taxes is the largest source of revenue for the government?.

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08-11-2022
Social Studies

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Which of the 9 types of taxes is the largest source of revenue for the government?.

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TNkomalGupta TNkomalGupta · Answer 1 · 2022-11-09T06:57:43-05:00

Direct taxes are the main way to raise money for the government. Income tax, securities transaction tax, corporate income tax, banking cash transaction tax, etc. are a few of the common direct taxes in India. We'll give you a brief explanation of a few of these direct taxes in India.

Revenue Tax

A specified amount of tax is due from the person whose income fits into a given taxable category. Income tax is the name of this tax. Additionally, the CBDT is responsible for India's income tax division.

It is also a component of the ministry of finance's department of revenue. Additionally, one of the principal sources of funding for the government is income tax.

Tax On Securities of Transactions-

This tax, which is imposed on the acquisition and sale of stocks, was first implemented in 2004. As a result, the government taxes any money a person makes from the stock market. Additionally, this is possible through the sale of the stocks or debentures. It is referred to be a securities transaction tax as a result.

Tax on Corporate Income

This kind of tax is imposed on corporate entities that generate a profit each year. As a result, corporations are responsible for paying corporate income tax. Additionally, this sum is determined by the net income generated by the company's operations. Additionally, this tax is typically recorded for one fiscal year.

Cash Transaction Tax in Banking

For a bank, the debt or auto credit entries are subject to the bank transaction tax. As a result, it can be automatically collected throughout the settlement or clearing process through the central counterparty.

Capital Gain tax

The profit that an investor makes when they sell an investment is subject to the capital gains tax. It must be paid in the tax year when the investment is sold.

Depending on the filer's income, the long-term capital gains tax rates for the 2022 and 2023 tax years are 0%, 15%, or 20% of the profit. Every year, the income ranges are modified.

Payroll tax

The tax that is deducted, assessed, or imposed on the employer's paycheck is known as payroll tax. This will include pay, gross salary, benefits, and any other type of compensation given to the workers. The tax withheld, billed, or imposed on an employer's paycheck is known as payroll tax.

Indirect Taxes

When you visit a restaurant or the market to buy items, you usually wind up paying more than you intended to. The additional charges are a result of indirect taxes.

Additionally, these are gathered through a number of middlemen. As a result, when the government taxes this income, the money flows straight to the government coffers. In India, a few instances of indirect taxes

Customs Taxes

This is a standard indirect tax applied to imported products into India. Additionally, it is assessed on items exported from India. The Customs Act of 1962 is the fundamental statute that controls the collection of these taxes.

Value Added Tax

VAT is the extra charge we make while consuming or purchasing food. The GST has now taken the place of this tax.

Service tax

This is the tax that the Indian government levies on services delivered there. As a result, the individual offering the service receives the tax and returns it to the government.

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