The way of students is tough. Word “Taxation” is more frightful to a student than to a taxpayer. A reference by any person to any “Case law” or “Section” is enough to create some diffidence in the student. The complex nature of Tax Laws makes the task even tougher for students who not only have to understand it but also have to apply it in a given situation.
Even though the most widely interpreted subject of “Taxation” is compendious and complex in nature, learning the same is not difficult and half of the battle with the subject is won if the student approaches the study with a positive frame of mind.
It is with this approach that we conduct our classes.
There are two types of taxes in India – direct and indirect.
A direct tax is a tax you pay on your income directly to the government. Indirect tax is a tax that restaurants, theatres and e-commerce websites charge you on for goods or a service. This tax is, in turn, passed down to the government. Indirect taxes take many forms: service tax on restaurant bills and movie tickets, value-added tax or VAT on goods such as clothes and electronics.
Goods and services tax, which has recently been introduced is a unified tax that has replaced all the indirect taxes that business owners have to deal with.