Taxation- Introduction, Functions and Classification

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Taxation- Introduction, Functions and
Classification
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Contents
Introduction to Taxation Classification of Tax
Functions of Tax Conclusion
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Introduction
Any amount that is imposed by the government
authorities to it's citizen or residents to
fulfil certain public services is called as
Taxation.
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Classification of Tax
1. Indirect Tax
Sales Tax- The tax which is levied on sale
of any product or service. Goods and Service Tax-
Tax which is levied
on value added services or product is Goods and
Service Tax.
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Custom Duty or Coctroi Duty- The tax which is
levied on the purchase of goods or service that
has been imported is Custom duty or octroi
Duty. Service Tax or Excise Duty- The tax amount
that are imposed on the manufactured services
and goods is Excise Duty. This tax is collected
by government from manufacturer.
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Classification of Tax
2. Direct Tax Income Tax- As the name suggests,
tax that is imposed of income of individual or a
company is income tax. Wealth Tax- Tax which is
linked with the net wealth of any individual or
a company is wealth tax.
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Corporate Tax- The tax that is imposed on the
profit or net income of companies are the
corporate tax. Capital Gain Tax- The tax amount
that are received on the sale of any capital
Asset of Company is the Capital Gain and the tax
which is levied on Capital Gain is called as
Capital Gain Tax.
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Other Taxes

• Property Tax
• Professional Tax Entertainment Tax Education Tax

Toll Tax Registration Fees
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Functions of Tax
Fiscal
Regulating
Promoting
Redistributory
Controlling
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Fiscal
The fiscal function is used for the formation of
state budget that is obligatory for the
cognizance of nation. Redistributory As the name
suggests this function involves redistribution
of social incomes among different group of
citizens.
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Regulating
This function is focused at acquiring certain
taxation policy goals through taxation
mechanism. Controlling This function is used by
states to control the financial activities of
the natural or judiciary person.
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Conclusion

• Taxation system is the most important and
  crucial part of the country. We have discussed
  how Taxation can be classified and what are it's
  functions. It is important for all of understand
  that it is our duty to pay out tax regularly for
  the betterment of the Country.

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