The economic growth of a country depends upon the honesty of its tax-payers. There should be a coordination and harmony among the government and the tax-payers. Paying the right amount of tax will resolve all the issues between the two. All the public works done by the government for the welfare of the people and generating employment depends upon how the taxes are paid. Paying the right amount of taxes thus is very important.

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What are Taxes?

Taxes are compulsory charges imposed on the citizens of a country for the funding of government expenditures. When the citizens fail to pay their liable taxes, they have to pay penalty or fine according to law. Taxes are of two types, direct and indirect. Direct taxes are to be paid according to the income or profit of an individual e.g. income tax. Indirect taxes are not paid directly to the government but through an intermediary. They collect the taxes from the tax-payers and then pay to the government e.g. sales tax, VAT (Value Added Tax) and GST (Goods and Service Tax).

What is the Importance of Paying Right Taxes and at Right Time?

Every country has some national needs which are fulfilled by its taxation system. These needs may be to provide the public with amenities, build roads or other government facilities, government schools and colleges and the list is quite long. The taxation may be flat or with different levels according to the income. It is also according to the individual or corporate income.

There are people who evade taxes in spite of having fat income. They do not disclose their actual income to escape tax liabilities. These people are mostly the celebrities belonging to the entertainment industry. For salaried people, the employer deducts the taxes and then pays the net amount. These people do not have problem with the income tax department. Most of the people do not have proper knowledge about the taxation system and fear the most. They think that they have to pay a big amount from their income as tax. That is why they evade taxes. They do not realize the importance of taxes which are used to provide them facilities.

Paying the taxes in right amount makes the tax-payers tension-free and opens various benefits and facilities to them. The enforcement of taxation laws becomes compulsory when people do not realize this. Most of the people demand a system of taxation which should be equal for all tax-payers. This will make most of the people pay their liable taxes without any tax-evasion.

Where can I Find Help for Taxation Assignments?

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