Taxation is an act of laying a tax or imposing a tax, as on the subjects of state, by the government or on the members of a corporation or company by the proper authorities; the raising of revenue. Business taxation is also a part of the well developed tax structure in India, the five major type of business taxes are:-
- Corporate franchise test
- Employment tax
- Excise tax
- Gross receipt tax
- Value added tax
In terms of economic impact, however all taxes are people taxes because they affect human beings and not some abstraction labeled business. Also called business activity tax The taxes laid on business is having a great significance for all the developing and developed countries. It is all due to such kind of taxes a country will able to do development works because business taxes will get a huge amount of revenue.
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In this age of liberalization, globalization, privatization there is integration of all the trade and economies, due to the impact of this broad issues concerning taxes on company profit in the globalize world in which companies, capital and profit can easily move between the countries and the transaction related t the business taxation can become faster is to b taken into consideration by all the countries. If you have any queries regarding business taxation and other matters 365companies will help you in providing all the facilities.
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