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KYC-AML Case Studies (Chapter source content; filename labelled 30D GST)
What is Direct Tax?
is the tax imposed directly on a taxpayer and is required to be paid by that taxpayer to the government — its burden cannot be shifted to another person.
Levied on — Direct Tax / Indirect Tax?
Direct Tax: Income & profits of the taxpayer; Indirect Tax: Goods & services at the point of supply
Paid to government — Direct Tax / Indirect Tax?
Direct Tax: Directly by the taxpayer; Indirect Tax: Indirectly through an intermediary (seller / supplier)
Burden of tax — Direct Tax / Indirect Tax?
Direct Tax: Cannot be shifted — paid by the assessee; Indirect Tax: Can be shifted to the end consumer via price
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