In what bases tax is collected by governments
Governments collect taxes from individuals and businesses in various ways. Here are some of the most common point on bases tax is collected by governments:
To visit: https://www.incometax.gov.in
1.Income: Income tax is collected on the income earned by individuals and businesses. The tax rate may vary depending on the amount of income earned.
2.Sales: Sales tax or value-added tax (VAT) is collected on the sale of goods and services. The tax rate may vary depending on the type of product or service.
3.Property: Property tax is collected on the value of real estate, including land and buildings.
4.Capital gains: Capital gains tax is collected on the profit made from the sale of assets, such as stocks or real estate.
5.Payroll: Payroll tax is collected on the wages and salaries paid by businesses to their employees.
6.Excise: Excise tax is collected on specific goods, such as tobacco, alcohol, or fuel.
Governments use tax revenue to fund public services, such as healthcare, education, infrastructure, and social welfare programs.
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