Friday, December 28, 2018

CBLR'18 - REGULATION 6 & G CARD EXAM NOTES - Difference between Direct Taxes and Indirect Taxes

Direct Taxes - When an assessee pays the taxes directly to the revenue of the Government and paid after the income is received by the tax payer it is called direct tax . Example: Income Tax

Indirect Taxes- Even before the goods reach the tax payer, the indirect tax is paid and they are mainly imposed on goods and commodities. In other words, Tax payer suffers tax indirectly during purchase of goods and commodities. Example: Customs Duty

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