INDIRECT TAXES Direct taxes A tax, such as income tax, which is levied on the income or profits of the person

who pays it, rather than on goods or services. Indirect taxes A tax levied on goods and services rather than on income or profits. Excisable goods Domestically manufactured petroleum fuel and products, tobacco and tobacco products, and alcohol and alcohol products on which excise is payable. cenvat A replacement for the earlier MODVAT scheme and is meant for reducing the cascading effect of indirect taxes on finished products. The scheme is a more extensive one with most goods brought under its preview. International trade International trade is the exchange of capital, goods, and services across international borders or territories. In most countries, such trade represents a significant share of gross domestic product. ... Shipping bills (in the UK) a form used by Customs and Excise before goods can be exported from the country or removed from a bonded warehouse. Stores A quantity or supply of something kept for use as needed. Bills of lading a detailed list of a ship's cargo in the form of a receipt given by the master of the ship to the person consigning the goods. Letters of credit a letter issued by a bank to another bank (especially one in a different country) to serve as a guarantee for payments made to a specified person under specified conditions.

Countervailing Offset the effect of (something) by countering it with something of equal force. Ad valorem (Of the levying of tax or customs duties) in proportion to the estimated value of the goods or transaction concerned. Specific duty This is an import duty, expressed as, for example, 10 dollars per tonne, 20 yen per head or 30 euro per hectolitre. The term "specific duty" contrasts with the term "as valorem duty". The latter term refers to an import duty expressed as, for example, 5% of the value of the good in question. Dealers a person who buys and sells goods. Declared goods Some goods are declared as goods of special importance and restrictions are placed on power of State Governments to levy tax on such goods. Sales agent Any person employed by or on behalf of an agency to perform real estate brokerage services and licensed by the commission as a sales agent. Turnovers The amount of money taken by a business in a particular period. Definition of 'Consignment' An arrangement whereby goods are left in the possession of another party to sell. Typically, the consignor receives a percentage of the sale (sometimes a very large percentage). Value added tax a tax on the amount by which the value of an article has been increased at each stage of its production or distribution. Assessments The action of assessing someone or something.