BLACK MARKET

This is just an information about black market..

Black Market is a place where the goods are smuggled and sold illegally. For example illegal drugs, weapons, alcohol etc are some of the items that are sold illegally now days. This black market can also be called as Underground economy, Black economy, Underdog or parallel economy. This black market comprises tax evaded income. The two types of taxes which comprise this black market are direct tax and indirect tax. Direct tax means income tax, corporate tax. Indirect tax means tax on services. Black money exists practically in every economy, but the range differs from country to country. Black Money is used in many ways (i.e.) It is used to bribe regulators and law enforcement. This black money which is saved is held as deposits in foreign banks as liquid currency, gold or diamond etc .In the Black Market, the goods which are sold illegally can be either in low rates than the original market price or rates more than the original market price. But the goods which are sold illegally are in lower rates only.

Black market spoils the country’s name and brings down the economy. We should get the computerized bill for each and every product we buy from the shop. This helps to pay our service tax and helps to improve our economy rate.