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5 percent growth in Indirect tax collections during April-November period

5 percent growth in indirect tax collection during 8 months of 2013.

Dec 23, 2013 14:15 IST
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Indirect tax collections have grown by 5 percent in the April-November period of the current fiscal. Total collection of indirect taxes including excise, customs and service tax stood at about 3 lakh 7 thousand 568 crore rupees during the first eight months in the current fiscal.

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Indirect tax

• Indirect tax is defined as a tax, which is not charged directly on the income of the consumer. Indirect tax is defined as charges levied by the State on consumption, expenditure, privilege, or right but not on income or property
• Customs duties levied on imports, excise duties on production, sales tax or value added tax (VAT) at some stage in production-distribution process, are examples of indirect taxes
• Income tax also called consumption taxes, they are regressive measures because they are not based on the ability to pay principle
• Some examples of indirect taxes include value added tax, excise duty, sales tax, stamp duty and custom duty levied on imports. These are taxes levied by the state on expenditure and consumption, but not on property or income

 

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