GC Individuals and Businesses Required by Law to Pay Taxes Discussion

What would be a “good” thing for the government to tax? This is a hard  question, so please think about it ? Some things to keep in mind:

Demand for the product can’t be too elastic or people will stop buying the product instead of paying the tax

The government tries to make taxes “fair” – they don’t want them to disproportionately impact people with lower incomes. This is why they don’t tax food at the grocery store, diapers, feminine products, etc.

Reply:

Layth Fawzi1:22amMar 17 at 1:22am

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The government’s best option is to levy fees on social media platforms. It’s hard to think of a better way to promote a product than for customers to spread the word about it to their friends (or “friends”). Consequently, successful tax and accounting businesses nowadays rely more and more on social media for public relations. Customers can now be found (and will be discovered) on social media, making this a logical evolution for businesses. There are over a million new social media users joining the world’s population every day. Whether you like it or not, social media is one of the most effective business tools available, not just for marketing but also for lead generation, public relations, thought leadership, and the building of connections. Social media is. Social media is a key part of the technological revolution that is reshaping tax and accounting. If you’re still hesitant, here are five reasons why your practice needs a social media presence.
An influencer’s income is taxed just like any other person or business that makes money. Influencers who aren’t corporations or partnerships are treated as self-employed or business owners for tax purposes. Internal supplies are taxed at 9% each by the Central Goods and Services Tax (CGST) and the State Goods and Services Tax (SGST), whereas interstate goods are subject to an 18% Integrated Tax (IT). (IGST). Exports of services are exempt from GST. Social media influencers who want to export their services might choose between two options. A Letter of Undertaking (LUT) or an IGST payment can be used to export services.