Tax is one of the government’s most significant income sources, helping them build our country’s economy and infrastructure.
Therefore, as a responsible citizen, you must pay taxes. However, it is also crucial to know the different types of taxes in India implemented in the taxation system.
In India taxes are levied by the Central Government and the State Government as known as Direct taxes and Indirect taxes
Direct Taxes is popularly known as income tax levied on people’s/Company income or profits this is paid directly by an individual or organization to the imposing entity. direct tax cannot be shifted to another individual or entity.
Indirect Taxes that are not paid directly to the government authorities are known as indirect taxes. These taxes are levied on goods and services and are collected by the entities selling the goods or providing the services.
Types of Direct Taxes
Income Tax
Wealth Tax
Gift Tax
Capital Gains Tax
Securities Transaction Tax
Corporate Tax
Types of Indirect Taxes
Sales Tax
Goods & Services Tax (GST)
Value Added Tax (VAT)
Custom Duty
Octroi Duty
Service Tax
Registration Fees
Other Taxes
Toll Tax
Education Cess
Entertainment Tax
Professional Tax
Property Tax
