Mention the 2 types of taxes with example.

1. Direct tax is a tax that is levied immediately on the income or property of the people. For example income tax and corporate tax. The impact and incidence of the tax fall on the same person.

2. Indirect tax is the tax that is levied by the government in the production and sale of the goods. For example sales tax and excise duty. It is paid by one person but the burden is borne by another person.