Whats the difference between these three????????
3 Replies
Devendra
(Chartered Accountant)
(4775 Points)
Replied 03 April 2012
1) Tax is paid on the Income earned, Service rendered and Sales made during the year.
For Eg : Income Tax, Service Tax, VAT / Sales Tax, Wealth Tax
2) Whereas the tax which is leveid specifically on goods is called Duty.
For Eg : Customs Duty, Excise Duty
3) Cess is also a Tax. But in India the Cess which is collected is specifically utilised for the Education.
For Eg : Education Cess, Secondary Higher Education Cess
Regards,
Devendra
CA. Abhishek K. Pandey
(Manager (Advance))
(901 Points)
Replied 04 April 2012
Thanks. Can you please tell that why there was need to distinguish between the two?? I mean why don't they simply use "tax" instead of "duty" in case of goods as well??
Devendra
(Chartered Accountant)
(4775 Points)
Replied 04 April 2012
Tax is levied on Individuals and Duty is leveid on goods which is paid by the individuals.
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