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Chapter: 10th Social Science : Economics : Chapter 4 : Government and Taxes

Brief Answer

VI. Brief Answer VII. Activity and Projects - Book Back Important Questions, Answers, Solutions - Social Science : Economics : Government and Taxes

VI. Brief Answer


1. Explain some direct and indirect taxes.

i. Direct Taxes:

A tax imposed on an individual or organisation, which is paid directly, is a direct tax. The burder of a direct tax cannot be shifted to others.

Income Tax:

• The most common and most important tax levied on an individual.

• It is charged directly based on the income of a person.

• The rate at which it is charged varies depending on the level of income.

Corporate Tax:

• It is levied on companies that exist as separate entities from their shareholders.

• It is charged on royalties and interest gains from sale of capital assets

Wealth Tax:

• It is charged on the benefits derived from property ownership.

• The same property will be taxed every year on current market value.

• It is levied onthe individuals and companies.

ii. Indirect Taxes:

If the burden of the tax can be shifted to others, it is an indirect tax.

Stamp Duty:

It is a tax paid on official documents. (Marriage registration, documents of property, agreements of contract)

Entertainment Tax:

It is a duty charged by government on any source of entertainment provided. (Movie tickets, amusement parks, exhibitions and sports)

Excise Duty:

• Any duty on manufactured goods levied at the movement of manufacture, rather than at sale.

• It is imposed in addition to an indirect tax (sales tax)

• GST is also an indirect tax

2. Write the structure of GST.

State Goods and Services Tax (SGST):

• Intra state (within the state)

• VAT/Sales tax, purchase tax, entertainment tax, luxury tax, lottery tax and state surcharge and cesses.

Central Goods and Services Tax (CGST):

• Intr state (within the state)

• Central Excise Duty, service tax, countervailing duty, additional duty of customs, surcharge, education and secondary/higher secondary cess.

Integrated Goods and Services Tax (IGST):

• Inter state (integrated GST)

• There are four major GST rates: 5%, 12%, 18% and 28%.

• Almost all the necessities of life like vegetables and food grains are exempted from this tax.

3. What is black money? Write the causes of black money.

Black money is funds earned on the black market on which income and other taxes have not been paid. The unaccounted money that is concealed from the tax administrator is called black money.

Couses of black money:

• Shortage of goods

• Licensing proceeding

• Contribution of the industrial sector.

• Smuggling

• Tax structure


VII. Activity and Projects


1. Collect information about the local taxes (water, electricity and house tax etc).

2. Students purchase some goods on the shop. The teacher and students discuss those goods, maximum retail price, purchasing price or GST.

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