Explore India's dynamic taxation system, covering direct and indirect taxes like GST, income tax, and corporate levies. Stay informed on recent policy changes,...
India's tax system primarily comprises direct taxes like income tax and corporate tax, levied on income and profits, and indirect taxes such as Goods and Services Tax (GST), customs duty, and excise duty, levied on goods and services.
GST is a comprehensive, multi-stage, destination-based tax levied on every value addition. It replaced multiple indirect taxes like excise duty, service tax, and VAT, aiming to streamline the tax structure and create a common national market.
Individuals, Hindu Undivided Families (HUFs), companies, firms, associations of persons (AOPs), and bodies of individuals (BOIs) earning income above specified exemption limits in India are liable to pay income tax.
The Indian government utilizes tax revenue to fund public services, infrastructure development, defense, healthcare, education, social welfare schemes, and to manage its fiscal deficit and public debt.