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With the increase in the participation of the Government in the economic life of a country, the Government incurs a large amount of expenditure. To meet this expenditure, it is required to raise revenue. Tax is the most important source of revenue to the Government. Tax is a compulsory charge or payment imposed by the Government on individuals or corporations. It is paid in the common interest of all and is irrespective of any corresponding return. Tax may be imposed on a person’s income or wealth and the rate may vary.
Taxes can be classified as direct and indirect taxes. (See chart 1)
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