ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Taxes that are levied on services and products are called indirect tax.

Detailed explanation-2: -An excise or excise tax (sometimes called an excise duty) is a type of tax charged on goods produced within the country (as opposed to customs duties, charged on goods from outside the country). It is a tax on the production or sale of a good. This tax is now known as the Central Value Added Tax (CENVAT).

Detailed explanation-3: -In general, an excise tax is a tax is imposed on the sale of specific goods or services, or on certain uses. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services.

Detailed explanation-4: -: an internal tax levied on the manufacture, sale, or consumption of a commodity. : any of various taxes on privileges often assessed in the form of a license or fee. excise.

Detailed explanation-5: -Meaning of specific tax in English. a tax that is given as a fixed rate for each unit of a good or service, rather than based on its value: They agreed to a new specific tax on petroleum products. Imported breakfast cereals in smaller packages are subject to a specific tax rate of 12.6 cents per kilogram.