GST is called as consumption based tax. Discuss and verify this statement with the help of a relevant example. Also, elaborate on the different categories of GST.
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GST is called as consumption based tax. Discuss and verify this statement with the help of a relevant example. Also, elaborate on the different categories of GST.
(Please answer in minimum 400 words)
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- Based solely on the definitions in the chapter, is the sales tax a proportional, regressive, or progressive tax? Explain, and state how the tax might be viewed differently.GST is a tax that subsumed a number of state and central indirect taxes. Discuss the statement and also share your view on, why GST is called as an Indirect tax. Further, list down any ten taxes being subsumed under GST.Calculate the federal income tax liability, marginal tax rate, and average tax rate for each of the following scenarios. Assume the following for all scenarios: all income is traditionally earned, the maximum allowable standard deduction is taken, and no other deductions/credits are applied
- Which of the following taxes has a ceiling? Choose the best answer. Group of answer choices Both Social Security Tax and Unemployment Tax Social Security Tax Unemployment Tax Medicare TaxWhich of the following best reflects the ability-to-pay philosophy of taxation? a tax on residential property a progressive income tax an excise tax on gasoline an excise tax on coffeeOn page 2, number 16, how do I find the total for tax?
- The current federal income tax structure is progressive in nature. First, explain what that means. Second, regarding the proposal for a "flat tax", comment on both justification for and major obstacles to enactment.Which statement regarding the current Form W-4 is accurate? Answer: A. It uses fewer pieces of information than the previous version to determine federal income tax. B. It can be used with either the wage-bracket or the percentage method of determining federal income tax. C. When determining federal income tax using the wage-bracket method, you can refer to the same tax tables associated with the previous version. D. Unlike the previous version, it calculates the number of withholding allowances.There are a number of tax planning strategies. Discuss the different strategies and how you plan to incorporate them into your financial plan currently or in the future. Responses are a minimum of 150 words
- can you Discuss in 400 words , the features of Direct & Indirect Taxation ?A. Define and give examples of direct taxation and indirect taxation. B. Define and give examples of a progressive tax, regressive tax and proportionate tax. Use diagrams to illustrate. C. Outline THREE (3) main attributes of a good tax systemVarious Income Taxes: Should all types of income be taxed at the same rate? First, relate the different types of income that are relevant.