The Government Budget and Taxation — Flashcards
Telangana Board · Class 9 · Social Studies
20 flashcards for The Government Budget and Taxation (Telangana Board Class 9 Social Studies) to test yourself on key terms and facts.
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What are public facilities and why are they important for society?
Answer
Public facilities are services provided by the government that can be shared by many people once established. Examples include schools, hospitals, roads, electricity, water supply, and public transpor…
Subsidies
Answer
Money paid by the government to reduce the cost of certain important goods such as fertilizers, foodgrains, diesel, and LPG gas cylinders. The government compensates producers so that prices can be ke…
Why does the government need to collect taxes?
Answer
The government needs taxes to: 1) Finance public facilities like schools, hospitals, roads, 2) Fund development programs and social welfare schemes, 3) Pay salaries of government employees, 4) Maintai…
Direct Taxes
Answer
Taxes paid directly by individuals or companies to the government on their income or profits. Types include: 1) Income Tax - paid by individuals on their salary, rent, interest income, 2) Corporate Ta…
Indirect Taxes
Answer
Taxes charged on goods and services that are ultimately paid by consumers but collected by producers/traders. Examples include GST, customs duty, and excise duty. The tax is included in the price of g…
A daily wage laborer earns ₹2,000 per month, a teacher earns ₹15,000, and a businessman earns ₹50,000. If income tax starts from ₹10,000 per month at 10% rate, who pays tax and how much?
Answer
Only the businessman pays income tax because his income (₹50,000) exceeds the minimum threshold of ₹10,000. Tax calculation: (₹50,000 - ₹10,000) × 10% = ₹4,000. The daily wage laborer and teacher pay …
What is the Value Added Method in GST?
Answer
GST is charged on the value added at each stage of production and sale. Value Added = Sale Price - Purchase Price. Each business pays tax only on the value they add, not on the total sale price. They …
A manufacturer sells biscuits worth ₹500 to a trader at 5% GST. The trader sells them for ₹600 to a retailer. Calculate the tax paid by the trader to the government.
Answer
Manufacturer's bill: ₹500 + ₹25 GST = ₹525. Trader's sale: ₹600 + ₹30 GST = ₹630. Tax paid by trader = ₹30 (collected) - ₹25 (input tax credit) = ₹5. Alternatively: Value added by trader = ₹600 - ₹500…
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