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Question
What are the types of tax? and explain its.
Solution
Taxes are classified into two types. There are:
1. Direct Tax:
- A Direct tax is paid directly by an individual or organisation to imposing entity
- Eg: Income tax, Wealth Tax, etc.
2. Indirect Tax:
- Indirect Tax is a tax whose burden can be shifted to others.
- Eg: Service tax, Value added tax, etc.
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