Types of Taxes
As compared to progressive taxation, proportional taxation makes disposable income less sensitive to fluctuations in GDP
Taxes Levied
Old Taxes (before GST)
Principles of Taxation
Objectives of Taxation
Tax Reforms
Terms
Tax exemption
exemption from paying tax till certain amount
Tax rebate
- relief that can be claimed to reduce the tax to be paid
- rebate applied to lower middle class only
Excise duty
levied on production or manufacturing
Cascading effect of tax
- tax on tax
- good taxed at every stage
- inc cost
- tax inefficiency
- Goods and Services Tax aimed at reducing tax inefficiency