There exist many forms of Indirect taxes viz General Sales Tax, Turnover tax, Customs Duty, Stamp duty, Entertainment tax, Luxury tax, border tax, Value added tax and Goods & Services tax. More than 150 countries have adopted indirect taxation.
Indirect Taxes are a major source of additional revenue for the exchequer. In some of the major economies Indirect Tax contribution to GDP can be as high as 10.5%, which gives a phenomenal boost to the country’s expenditure budgets.
