What are the taxation system in india?
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India has a complex taxation system that includes both direct and indirect taxes. Direct taxes are levied on individuals and businesses, while indirect taxes are imposed on goods and services. The key components include:
Direct Taxes:
Income Tax: Levied on the income of individuals and businesses.
Corporate Tax: Applicable to the income of companies.
Indirect Taxes:
Goods and Services Tax (GST): Replaced various indirect taxes and is levied on the supply of goods and services.
Customs Duty: Imposed on goods imported into or exported from the country.
Excise Duty: Applied on the production of goods within India