How taxes affect the Economic Growth of the country.

Today we are living in a civilized society, we have all been interconnected in societal fabrics and our lives are governed as per our societal value.  In society we have established a code of conduct known as Law and we elect our representatives in order to govern us in the form of a Government. Government looks after our well being, maintains law and order in the society and provides us citizens with various services. But have you ever wondered how is Government able to provide us with these services?  The answer is by the method of collecting Taxes. Taking Database  assignment help you deeply understand concepts of taxation.

Taxation and assignments based on it

By giving a cursory look at our introduction, you could easily comprehend in layman's terms that Tax is something which we give to a government or a legal entity so as to enable them to provide us with various public services.  When it comes to technical nomenclature we can define the process of taxation as, levying of tax by a government authority or a  Legal Entity in return of providing a public service amenity. Database assignment help will help you in finding all these things.

Taxes are of different types and are placed in different tax slabs, some of the most popular taxes are-:

1- Income Tax - This tax is levied on the income you earn via your business earnings or via your         salaries.

2-Corporate Tax- This type of tax is levied on the profits made by the Corporations or companies.

3-Capital Gain Tax-  This type tax is levied on the gain on a company's capital. The best suited example could be tax levied on Corporations/ Companies  on acquiring another company capital assets or shares.

4- Sales Tax- This type of tax is levied by the government on sale of certain goods and services, this tax goes to state governments.

5 - Excise tax- This type of tax is levied by the Income Tax Authorities on the import of certain commodities .

6- Goods and Services Tax-  This is a blanket tax which is levied on the sale and purchase of various commodities .

Apart from the above mentioned taxes there exists multiple types of taxes, divided in various slabs. Experts like CHARTERED ACCOUNTANTS spend years of their life in understanding various kinds of taxes, understanding taxes is a tedious work as you have to learn not only about various kinds of taxes but also where and how they can be applied in various situations.  Many of the professionals access Database assignment help like www.greatassignmenthelper.com to help anyone out of any kind of accountancy and tax related issues.

Role of taxes in stabilizing the economic growth

● Income tax as we know from the definition directly helps the government in maintaining its treasuries and improving its fiscal health.

● Sales and purchase taxes help in the infrastructural development in the economy.

● Toll taxes help in repair and maintenance of critical infrastructure.

● GST enables the government to pay for various welfare schemes and programmes running across the country, and also our union government distributes this amount amongst various state governments for their budget and welfare scheme.

● Taxes help in providing tax reliefs to our farmers, entrepreneurs so that they can directly pump money into our economy.

● Government also collects environmental taxes to protect our environment for the flourishing of our economy.