Indian taxes are divided into two types: direct taxes in which the revenue received by various forms of business organizations in a financial year is imposed and indirect taxes are the other. Individuals are taxed based on tax slabs. Corporate income tax is paid in India by domestic companies and by international companies, based on their income. Corporate income tax is subject to adjustments as announced in the Union budget each year and as specified under the Income Tax Act.
Direct Taxes
1. Income Tax
2. Corporate Tax
3. Property Tax
4. Gift Tax
Types of Indirect Taxes
1. Customs Duty
2. Central Excise Duty
3. Service tax
4. Sales tax
5. Value Added Tax
Good and Services Tax (GST)
It is an indirect tax that has replaced many Indian indirect taxes, such as excise duty, VAT, tax on utilities, etc. India's Goods and Services Tax Law is a comprehensive multi-stage, destination-based tax imposed on any additional benefit. For the whole country, GST is a single domestic indirect tax statute.
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