WHERE IS MY TAX GONIG
Now-a-days, taxes are on everyone 's mind almost 24-7 since they influence our daily lives. People don’t know much more about the taxation, like how taxation plays an important role in development or why taxation is necessary. But with all these things we must to know where our tax is going, is it using for the development and management or somewhere else. We must aware about our rights and through Right to Information act, we can access every information of our tax system. First we have to understand that what tax is. So, tax is a financial charge or other levy imposed upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state to fund various public expenditures. Taxation…show more content… On Good and Services - In this, tax is imposed upon goods and to every operation that creates value in order to proportionate to their quantity or value, taxes like Value Added Tax(VAT),sales tax, service tax and excises tax, etc.
Other taxes are payroll tax, consumption tax, toll tax, transportation tax, Pigovian tax, Direct tax and Indirect tax.
The levying of taxes aims to raise revenue to fund governing and/or to alter prices in order to affect demand. States and their functional equivalents throughout history have used money provided by taxation to carry out many functions. Some of these include expenditures on economic infrastructure (roads, public transportation, sanitation, legal systems, public safety, education, health-care systems), military, scientific research, culture and the arts, public works, distribution, data collection and dissemination, public insurance, and the operation of government itself. Governments also use taxes to fund welfare and public services. These services can include education systems, pensions for the elderly, unemployment benefits, and public transportation. Energy, water and waste management systems are also common public utilities. A government 's ability to raise taxes is called its fiscal capacity. Taxes are applied to fund foreign aid and military ventures, to influence the macroeconomic performance of the economy (a government 's strategy for doing this is called its fiscal policy; see also tax exemption), or to modify