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Whatistaxation? Taxationistheprocessbywhichpeoplepaytaxesleviedbythe governmentandauthoritiesofthenation. Taxationisimpliedin almosteverycountryintheworld. Taxesareimpliedonthe incomeofindividualsaswellasgoodsandservicesconsumedby them.
Typesoftaxes Therearetwomajortypesoftaxes, suchas - Directtax - Taxthatisimposeddirectlyonpayersandispaidto thegovernmentalauthoritiesintermedasadirecttax. Common directtaxesare - incometax, corporatetax, etc. Indirecttax - Inincometax, peopledon’tpaythetaxdirectlyto thegovernment, buttheygiveindirecttaxesonthegoodand servicesconsumedbythem.
Benefitsoftaxation Taxationishelpfulfortheoverallgrowthofeverynation. Ithelps tostrengthentheeconomicconditionofthecountry. Various otherbenefitsoftaxationare - Thegovernmentgetsthefundforspendingforthebettermentof thenationwithoutinflation. Helpsindevelopmentandwelfareprojects. Fundingforpublicinfrastructurebecomeseasywiththemoney paidastaxes. Ithelpsinmanagingotheroperationsofthegovernment.
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