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Definitions from WordNet | ||||
Definitions from the WebIndirect TaxDescription:Indirect tax refers to a type of tax levied on goods and services, which is ultimately paid by the consumer when purchasing these goods or services. Unlike direct taxes, such as income tax, indirect taxes are not directly imposed on individuals or companies but are indirectly collected through intermediaries. Examples:Noun - General Sense: An indirect tax can include sales tax, value-added tax (VAT), excise duty, customs duties, or any other form of tax applied to the production, sale, or consumption of goods and services. Example sentence: The government increased the indirect tax on imported goods to protect local industries. Noun - Specific Sense: In a specific sense, an indirect tax may refer to a particular tax implemented by a government, such as the Goods and Services Tax (GST) in India or the Federal Excise Tax in the United States. Example sentence: The population was divided on their opinions about the introduction of the new indirect tax. Adjective: When used as an adjective, "indirect tax" describes any tax that is collected indirectly from the consumer rather than directly from the taxpayer. Example sentence: The government decided to introduce an indirect tax system in order to broaden the tax base and reduce the burden on individual taxpayers. Verb - Sense: As a verb, "indirect tax" refers to the act of imposing or levying indirect taxes on goods or services for the purpose of revenue generation. Example sentence: The government plans to indirect tax certain luxury goods to generate additional revenue. Related Products:To learn more about indirect taxes and their economic implications, you may find the following products helpful: | ||||
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