Differences between Goods and Service Tax (GST) and Value-Added Tax (VAT) GST (Goods and Services Tax) and VAT (Value Added Tax) are both consumption-based taxes imposed on goods and
What is Multi-Point Tax System? Multi-Point Tax (MPT) is a tax system in which taxes are imposed at multiple points in the production and distribution chain of goods
What is Single Point Tax? Single Point taxation means imposition of tax at only one point between the production and the sale of goods to ultimate consumers. The
Effects of Taxation on Distribution An important objective of taxation in most of the welfare states is to reduce the inequalities of income and wealth and to bring
Effects of taxation on consumption A tax increases the price of the taxed good relative to the prices of untaxed or lower taxed goods. The increase in the
Taxation can influence the production of a nation by influencing four basic factors. They are as follows: Ability to work, save and invest. Willingness to work, save and
Stages in the development of levy of tax The levy of tax has crossed over various stages to reach the present state. Prof. E.R.A. Seligman has listed out
What is federal system? Where the government’s functions are divided between two sets of authorities i e. the Central Government, and the State Governments, it is called a