Goods and services tax By, K.DHIVYA Assistant professor Department of B.Com (PA)

Goods and services tax By, K.DHIVYA Assistant professor Department of B.Com (PA).

What is meant by tax?. A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures..

T he money that you have to pay to the government so that it can provide public services..

Tax is an amount of money that you have to pay to the government so that it can pay for public services such as road and schools.

A compulsory financial contribution imposed by a government to raise revenue, levied on the income or property of persons or organizations, on the production costs or sales prices of goods and services, etc. a heavy demand on something; straina tax on our resources..

Definition of Tax. According to Prof. Taylor “Taxes are compulsory payments to gov­ernments without expectations of direct return or benefit to the tax payer”..

Characteristics of Tax. A good tax system should meet five basic conditions: fairness, adequacy, simplicity, transparency, and administrative ease. Fairness Adequacy Simplicity Transparency Administrative ease.

Meaning of Taxation. Taxation is the means by which a government or the taxing authority imposes or levies a tax on its citizens and business entities. From income tax to goods and services tax (GST), taxation applies to all levels..

Definition of Taxation. Taxation is a term for when a taxing authority, usually a government, levies or imposes a financial obligation on its citizens or residents. Paying taxes to governments or officials has been a mainstay of civilization since ancient times..

Objectives of Taxes • Raising Revenue • Regulation of Consumption and Production • Encouraging Domestic Industries • Stimulating Investment • Reducing Income Inequalities • Promoting Economic Growth • Development of Backward Regions • Ensuring Price Stability.

Thank you?.