Understanding Indirect Taxes

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Definition

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Taxes on goods/services, not income

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Examples

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VAT, sales tax, excise duty

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VAT

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Value Added Tax

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Sales Tax

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Tax on sale of goods/services

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Excise Duty

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Tax on production of goods

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Customs Duty

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Tax on imports/exports

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GST

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Goods and Services Tax

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Purpose

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Revenue for government

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Impact

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Increases price of goods/services

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Collection

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Collected by seller, paid to government