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    Types of Tax in India

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    anon_733420037
    There are two main types of taxes in India - direct taxes and indirect taxes. Direct taxes are paid directly to the central government and include taxes like corporate tax and personal income tax. Indirect taxes are levied on goods and services and include taxes like excise duty, customs duty, sales tax, and value added tax. In addition to direct and indirect taxes, India also collects many other taxes from individuals and businesses, such as property tax, wealth tax, gift tax, and inheritance tax.

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    Types of Tax in India

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    anon_733420037
    29 views3 pages
    There are two main types of taxes in India - direct taxes and indirect taxes. Direct taxes are paid directly to the central government and include taxes like corporate tax and personal income tax. Indirect taxes are levied on goods and services and include taxes like excise duty, customs duty, sales tax, and value added tax. In addition to direct and indirect taxes, India also collects many other taxes from individuals and businesses, such as property tax, wealth tax, gift tax, and inheritance tax.

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    There are two main types of taxes in India - direct taxes and indirect taxes. Direct taxes are paid directly to the central government and include taxes like corporate tax and personal income tax. Indirect taxes are levied on goods and services and include taxes like excise duty, customs duty, sales tax, and value added tax. In addition to direct and indirect taxes, India also collects many other taxes from individuals and businesses, such as property tax, wealth tax, gift tax, and inheritance tax.

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    © All Rights Reserved
    Download as RTF, PDF, TXT or read online from Scribd
    Download as rtf, pdf, or txt
    29 views3 pages

    Types of Tax in India

    Uploaded by

    anon_733420037
    There are two main types of taxes in India - direct taxes and indirect taxes. Direct taxes are paid directly to the central government and include taxes like corporate tax and personal income tax. Indirect taxes are levied on goods and services and include taxes like excise duty, customs duty, sales tax, and value added tax. In addition to direct and indirect taxes, India also collects many other taxes from individuals and businesses, such as property tax, wealth tax, gift tax, and inheritance tax.

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    © All Rights Reserved
    Download as RTF, PDF, TXT or read online from Scribd
    Download as rtf, pdf, or txt
    of 3

    Types of Tax in India

    About Tax in India

    Tax, in general, is the imposition of financial charges upon an individual or a


    company by the Government of India or their respective state or similar other
    functional equivalents in a state. The computation and imposition of the varied
    taxes prevalent in the country are carried on by the Ministry of Finances
    epartment of !evenue. uring the last financial year of "#$# % "#$$, the gross
    collection of tax amounted to around I&!. '.(" trillion, )here the direct tax has
    got *+ , contribution and the indirect tax has got -- , contribution.
    Type of Taxes

    .revalence of various /inds of taxes is found in the nation. Taxes in this nation
    can be either of direct or indirect ones. 0o)ever, the types of taxes even depend
    on )hether a particular tax is being levied by the central or the state government
    or any other municipalities. Follo)ing are some of the ma1or Indian taxes, )hich
    are categori2ed belo)3
    Direct Taxes

    This /ind of tax is named so as such a tax is directly paid to the 4nion
    Government of India. 5s per a survey, the !epublic of India has )itnessed a
    consistent rise in the collection of such taxes over a period of the past years. The
    visible gro)th in these tax collections as )ell as the rate of taxes reflects a healthy
    economical gro)th of India. 6esides that, it even portrays the compliance of high
    tax along )ith better administration of taxation. To name a fe) of the direct taxes,
    )hich are imposed by the India Government are3
    6an/ing 7ash Transaction Tax
    7orporate Tax
    7apital Gains Tax
    ouble Tax 5voidance Treaty
    Fringe 6enefit Tax
    8ecurities Transaction Tax
    .ersonal Income Tax
    Tax Incentives
    Indirect Taxes

    5s opposed to the direct taxes, such a tax in the nation is generally levied on some
    specified services or some particular goods. 5n indirect tax is not levied on any
    particular organisation or an individual. 5lmost all the activities, )hich fall )ithin
    the periphery of the indirect taxation, are included in the range starting from
    manufacturing goods and delivery of services to those that are meant for
    consumption. 5part from these, the varied activities and services, )hich are
    related to import, trading etc. are even included )ithin this range. This )ide range
    results in the involvement as )ell as implementation of some or other indirect tax
    in all lines of business.
    4sually, the indirect taxation in the Indian !epublic is a complex procedure that
    involves la)s and regulations, )hich are interconnected to each other. These
    taxation regulations even include some la)s that are specific to some of the states
    of the country. The regime of indirect taxation encompasses different /inds of
    taxes. The organi2ations offer services in all or most of the related fields, some of
    )hich are as follo)s3
    5nti umping uty
    7ustom uty
    9xcise uty
    8ales Tax
    8ervice Tax
    :alue 5dded Tax or :. 5. T.
    Other Taxes in India

    6esides the taxes, the names of )hich are mentioned earlier, the nation has got the
    prevalence of many other taxes. ;isted belo) are some of those Indian taxes3
    7onsumption Tax
    eath Tax
    ividend Tax
    9ndo)ment Tax
    9state Tax
    Flat Tax, )hich is even /no)n as the Flat !ate Tax
    Fuel Tax
    Gift Tax
    Inheritance Tax
    8ales Tax <8olely on goods that do not include payment of sales tax on services=
    8. 9. T. or 8elf 9mployment Tax
    8ocial 8ecurity Tax
    Transfer Tax
    .ayroll Tax
    .oll Tax
    .roperty Tax
    >ealth Tax

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