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What is the differance between Direct Tax and Indirect Tax?
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Answer Posted / h.r. sreepada bhagi
Direct taxes are those taxes are those which needs to be
paid by the person who ultimately bears it. Income Tax,
Wealth Tax, Gifte Tax, etc. are the example.
Indirect taxes are those which are levied by the government
and collected from some who is not the ultmate bearer of the
tax burden. Sales (VAT), Central Excise, Customs Duty, etc.,
are the examples. To elaborate VAT or Excise Duty are
payable by an business entity on its products to the
government, but it collects these taxes from the buyers of
these goods through Tax Invoice (Sales Bill).
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