Question

What are indirect taxes collected in the transaction of goods & services called

Answer 1

Indirect taxes collected in the transaction of goods and services are commonly referred to as **value-added tax (VAT)** or **goods and services tax (GST)**. These taxes are included in the price of goods and services and are collected by businesses on behalf of the government. Other examples of indirect taxes can include excise duties, sales taxes, and customs duties.

The key characteristic of indirect taxes is that they are not directly imposed on income or profit but rather on the consumption of goods and services.