Ch 33Indirect Taxation — Class 11 Commerce, concept-first.

Unlike a direct tax, whose impact and incidence fall on the same person, an indirect tax is a tax whose impact (the person who initially pays it to the government) falls on one person, while its incid…

Merits of indirect taxes: - Wide coverage — indirect taxes are paid, in small amounts, by every consumer who buys a taxed good or service, spreading the tax base across virtually the entire population…

Before 1st July 2017, India's indirect tax system was a patchwork of several separate central and state-level taxes, each with its own rules, rates, and compliance procedures.

Goods and Services Tax (GST) is a single, comprehensive, destination-based indirect tax levied on the supply of goods and services, which replaced most of the earlier central and state indirect taxes…

India follows a dual GST model, since both the Centre and the States/Union Territories have the constitutional power to levy tax on the same taxable supply of goods/services.

Input Tax Credit (ITC) is the mechanism at the heart of GST's cascading-effect solution: a registered dealer who has paid GST on their inputs (goods/services purchased for use in their business) can c…

Customs Duty is a tax levied by the Central Government on goods imported into, and certain goods exported from, India, under the Customs Act, 1962 and the Customs Tariff Act, 1975.

Merits of GST: - Removes the cascading effect of tax-on-tax through the Input Tax Credit mechanism. - Creates a genuine single national market, since goods can now move across state borders without th…

Sample papers and previous-year board questions for this subject.