Taxes are the main source of revenue for the government. In the present era of liberalization and privatization, it is necessary for every citizen to have knowledge of fulfillment of tax related obligations, because there is a fine and punishment for negligence or ignorance in following the tax related law. From time to time, the Central Government and the State Government issue guidelines for tax procedure, tax structure, tax rates, concessions and exemptions.
The guidelines related to tax are implemented by the provisions of the Central Government and State Governments, in different ways, for the citizens residing within the borders of the country and for the citizens residing outside the borders of the country (in both the cases). Taxes in India are mainly divided into two categories-
- Direct Tax
- Indirect Tax
1. Direct Tax-
The tax imposed on a person or company, which the person or company has to pay himself, is a tax that comes under the category of direct tax. Direct tax cannot be shifted to another person or company. Example- Income Tax.
2. Indirect Tax-
Indirect tax is a tax that is levied on materialistic goods, unlike direct taxes. Indirect tax is generally levied on the suppliers or manufacturers who pass it on to the final consumer. Example- Goods and Service Tax.
The Finance Commission of India is responsible for the distribution of the net income of taxes between the Central Government and the State Governments. In this situation, efforts will be made to increase the powers of the Finance Commission of India more than before, (after the consent of the Central Government and State Governments) through the topic described for new thinking, new strategy.
The Finance Commission of India- The Finance Commission of India was established on 22 November 1951. Headquarter of the finance commission of India is located in New Delhi. The complete details of the Finance Commission of India are mentioned in the Constitution of India Article 280.
It is well known that whenever any item or service is purchased, that item or service is purchased within the purview of the tax system. The tax levied in this is the tax levied indirectly. Through the topic mentioned for new thinking, new strategy, efforts will be made to increase the purchasing power of more than 135 crore people of the country. As a result, there will be opportunities for the government to get more taxes than before.
At present I.T.R. The number of filling Indians is just over 6 per cent of the total population of India, Which is a very unsatisfying situation. When there will be a discussion on the topic mentioned for new thinking, new strategy in the big universities of the country, priority will be given to trying to find alternatives to increase the number of Indians filling ITR more than before.
Statutory Note
This whole plan has been carefully prepared under a new thinking, a new strategy. Even after this, if any kind of error and defect is found in the research and development operation of the subject, then there will be no responsibility of any kind on the subject creator, blogger website and people related to this topic.Along with this, if any person does the experimental work to be done in research and development operation from his level, then after that if any kind of physical and mental damage occurs to that person, then there will be no responsibility of any kind. Subject creator, blogger website and people related to this topic will not have.
