What is the difference between tax, charge, surcharge, duty, tariff and cess?
What is the difference between tax, charge, surcharge, duty, tariff and cess?
Anubhav Singh (7 Points)
13 March 2023
1 Replies
Neha
(ENTREPRENEUR)
(200 Points)
Replied 13 March 2023
Tax, charge, surcharge, duty, tariff, and cess are all terms that refer to different types of fees or levies imposed by governments. Here are the definitions and differences between these terms:
- Tax: Tax is a compulsory financial charge imposed by a government on individuals or entities to finance public spending. Taxes can be levied on income, goods and services, property, or transactions.
- Charge: A charge is a fee or payment required for a specific service or use of a facility.
- Surcharge: A surcharge is an additional charge added to an existing fee or tax. It is usually imposed to cover a specific cost or to increase revenue.
- Duty: A duty is a type of tax that is imposed on specific goods when they are imported or exported. Duties are usually levied to protect domestic industries and to generate revenue for the government.
- Tariff: A tariff is a tax imposed on imported or exported goods. Tariffs are used to protect domestic industries and to generate revenue for the government.
- Cess: A cess is a tax or levy imposed by the government for a specific purpose. Cess is usually charged on a particular product or service, and the revenue generated from the cess is used to fund a specific government initiative or project.
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