Taxes in India
In India, taxes are levied by the central and state governments on income, goods and services, property, and wealth. The main taxes include:
Income Tax: a tax on individuals' and entities' income earned during a financial year.
Corporate Tax: a tax on the profits earned by companies.
Goods and Services Tax (GST): a consumption-based tax on goods and services.
Value Added Tax (VAT): a tax on the value added to goods and services during production or distribution.
Customs duty: a tax on goods imported into India.
Excise duty: a tax on certain goods produced within India.
Property Tax: a tax on the ownership or possession of property.
Securities Transaction Tax (STT): a tax on the value of securities traded on stock exchanges.
Wealth Tax: a tax on the wealth of individuals and entities above a certain threshold.
These taxes are collected by the Central Board of Direct Taxes (CBDT) and state tax departments, and used to fund government services and programs.