Tax Construction Inwards India

Tax is a compulsory payment yesteryear the citizens to the authorities to run across the populace expenditure. It is legally imposed yesteryear the authorities on the taxpayer together with inward no representative taxpayer tin deny to pay taxes to the government. 
Direct Tax
  • A guide revenue enhancement is that tax, which is born yesteryear the individual on whom it is levied. A guide revenue enhancement cannot live shifted to other person. 
Indirect Tax
  • These are those taxes, which accept their primary burden or deport upon on i person. But that individual succeeds inward shifting his burden on to others.
  • Indirect taxation is policy oftentimes used to generate revenue enhancement revenue. Indirect revenue enhancement is then called equally it is paid indirectly yesteryear the terminal consumer of goods together with services piece paying for buy of goods or for enjoying services. 
Examples :

Direct Tax
Indirect Tax
Personal Income Tax
Excise Duty
Corporation Tax
Custom Duty
Wealth Tax
Sales Tax
Gift Tax
Service Tax
Land Revenue
Value Added Tax
Profession Tax
Passenger Tax
Stamp Duty together with Registration Charges
Entertainment Tax
Securities Transaction Tax
Electricity Duty
Banking Cash Transaction Tax
Motor Vehicles Tax

 

 The Tax Structure inward Republic of Republic of India
Republic of Republic of India has got quite developed together with simplified revenue enhancement structure. It contains 3 tiers, those are
  1. The Union Government
  2. The State Government
  3. The Rural together with Urban Local Bodies or Municipal Jurisdictions
these 3 tiers are empowered amongst the imposition of the dissimilar duties together with taxes, which are prevalent inward the country. The Central Government is mainly responsible for levying Income Tax. However, they produce non impose taxes on the income that is earned from agriculture. The agricultural income revenue enhancement tin live imposed yesteryear the authorities of a respective state.
Major Changes inward Tax Structure inward India
Since the twelvemonth 1991, the Indian revenue enhancement organization has undergone to a greater extent than or less major changes. These changes were made inward accordance amongst the country’s W. T. O. commitments also equally the liberal fiscal policies. Some of the major changes inward the construction of taxation inward the acre are equally follows:
  • Lowering the revenue enhancement on corporate income
  • Reduction inward the charge per unit of measurement of excise duties also equally custom duties. Custom duty was reduced from the charge per unit of measurement of 220 % inward 1991 to thirty % inward 2002.
  • Widening the base of operations of revenue enhancement
  • Toning upwards the management of taxation
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