Different types of Taxes in India

India is a vast nation with lots of population. The population is very hard working a majority of them is from the agriculture industry. The tax slab is different for a various class of businesses. If you’re a salaried person, then the tax slab will differ from the individual who is doing business. We have collected almost every kind of taxes collected by the government in this article.

Income Tax

Income tax is one of the largest source of tax collection for Government of India. The income tax system in India has different kinds of tax slabs for different people categorized based on their respective incomes. The system has been upgraded and now uses online portals and digital forms to pay and enquire income taxes. There are a huge number of ways available like Form 16, Form 26AS and much more. The majority of income for the government of India is coming from tax collection from income tax department. To pay the income tax one must have PAN card, to get PAN card you need to apply online using the Form 49A.

Service Tax

Service tax industry is huge and is a great source of funds for the Indian government. Service tax is applied to the service industries, particularly the one who have business model totally based on the service sector. The hotel industry and professional services like lawyer and doctors are covered under the tax slabs of service tax.

Value Added Tax

Value added tax or VAT is a very controversial taxing system by the government of India, and this system was introduced to collected tax from different stages of production. It tried to minimize the complexity of the taxing system but failed to do so.

Excise

Excise is for those who are in the business of import and export. The import duty is high compared to another part of the world. Indian government tries to motivate people in creating the environment which pushes people to make more exports. Programs like ‘Make in India’ are results of this efforts. This all the taxes needs forms which can be both filled online and downloaded and submitted with a hard printed copy.

This were the top taxes by a government of India, let us know in the comment section what do you think about our list.