TAXESECONOMIC APPLICATIONSPROJECT 2NAME: ANOUSHKA PRASADCLASS: 10-ASCHOOL: STRAWBERRY FIELDS HIGH SCHOOL
ASSIGNMENTStudy and explore the Role of taxes (Direct and Indirect Taxes) for the functioning of thestate. Analyse the effect of GST imposed by the government.
ACKNOWLEDGEMENTI, Anoushka Prasad would like to thank the school for giving me this wonderful opportunity to showcase my interest in Economic Applications through this project. Iwould also like to thank my Educator, Mrs Preeti Kalsi, for helping me understand the project better and guiding me throughout the making of this project. Lastly I would liketo thank my Family and Friends in helping me with the material for the project and assembling of it.
CONTENTS1.TAX2.WHY DO WE NEED TAXES?3.DIRECT TAX4.WHAT ARE THE TYPES OF DIRECT TAXES ONE PAYS?5.WHY DOES THE COUNTRY NEED DIRECT TAXES?6.INDIRECT TAXES 7.WHAT ARE THE TYPES OF INDIRECT TAXES ONE PAYS?8.WHY DOES THE COUNTRY NEED INDIRECT TAXES?9.WHAT IS THE GOODS AND SERVICE TAX?10.HOW GST WORKS11.IMPACT OF GST12.BIBLIOGRAPHY
TAXA tax is a mandatory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund various public expenditures.
WHY DO WE NEEDTAXES?The levying of taxes aims to raise revenue to fund governing and to alter prices in order to affect demand.According to proponents of the chartalist theory of money creation, taxes are not needed for government revenue, as long as the government in question is able to issue flat money. According to this view, the purpose of taxation is to maintain the stability of the currency, express public policy regarding the distribution of wealth, subsidizing certain industries or population groups or isolating the cost of certain benefits, such as highways or social security.
DIRECT TAX Direct taxes are those which are paid directly to the government by the taxpayer. These taxes are not paid deducted and paid on behalf of the taxpayer. It’s imposed on the people and organizations directly by the government. This tax liability has to be paid by the taxpayer in question and cannot be transferred to any other entity for payment.
WHAT ARE THE TYPESOF DIRECT TAXESONE PAYS?1.Income Tax: It is the most common andmost important tax that an Indian citizen must pay. It is charged directly on the income of a person. The rate at which it is charged varies, depending on the level of income.
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