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GST & Taxation for Revenue Generation in Modern Governments: Focus on FMCG, Summaries of Finance

The inherent power of states to impose taxes for revenue generation and the importance of taxation as the primary source of income for modern governments. The document specifically highlights the significant contribution of the fast-moving consumer goods sector to both direct and indirect taxes, with a focus on the goods and services tax (gst) and its impact on this sector.

What you will learn

  • What is the inherent power of states to impose taxes?
  • Why is taxation the primary source of income for modern governments?
  • How does the fast-moving consumer goods sector contribute to both direct and indirect taxes?

Typology: Summaries

2021/2022

Uploaded on 04/29/2022

nilutpal-gohain
nilutpal-gohain 🇮🇳

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The topic is all about the GST and Taxation is the Inherent power of the state to impose and demand
contribution Upon persons, properties, or right for the purpose of generating Revenue for public
purposes. Taxes are enforced proportional Contribution from persons to property levied by the law-
making Body of the state by virtue of its sovereignty for the support of the Government and all public
needs. All government require payment Of money taxes from people. Government use revenues to pay
Soldiers and police to build dams and roads, to operate schools and Hospitals, to provide food to the
poor and medical care facilities etc And also hundreds of other purposes without taxes to fund its
Activities, government could not exist. So, taxation is the most Important source of revenues for modern
government typically According to 90% or more of their income. The fast-moving Consumer goods are
our important contributors to both direct and Indirect tax. When we look into the GDP contribution,
FMCG is An important player. Goods and Service Tax which subsumed Most of the indirect taxes in the
country would have a significant Impact on the fast-moving consumer goods sector

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The topic is all about the GST and Taxation is the Inherent power of the state to impose and demand contribution Upon persons, properties, or right for the purpose of generating Revenue for public purposes. Taxes are enforced proportional Contribution from persons to property levied by the law- making Body of the state by virtue of its sovereignty for the support of the Government and all public needs. All government require payment Of money taxes from people. Government use revenues to pay Soldiers and police to build dams and roads, to operate schools and Hospitals, to provide food to the poor and medical care facilities etc And also hundreds of other purposes without taxes to fund its Activities, government could not exist. So, taxation is the most Important source of revenues for modern government typically According to 90% or more of their income. The fast-moving Consumer goods are our important contributors to both direct and Indirect tax. When we look into the GDP contribution, FMCG is An important player. Goods and Service Tax which subsumed Most of the indirect taxes in the country would have a significant Impact on the fast-moving consumer goods sector