As Far as India’s taxation system is concerned ,it is a well-structured, three-tiered framework.It includes:
As Far as India’s taxation system is concerned ,it is a well-structured, three-tiered framework.It includes:
There are three main categories where taxation is classified:
These are levied directly on individuals and organizations and are paid to the government.
| Type | Description |
| Income Tax | Paid by individuals, HUFs, firms, companies on their income. |
| Corporate Tax | Paid by companies on their profits. |
| Capital Gains Tax | Tax on profits from sale of capital assets like property, stocks, etc. |
| Dividend Distribution Tax (now abolished) | Earlier paid by companies on dividends declared. |
These are levied on goods and services and are indirectly paid by consumers.
| Type | Description |
| Goods and Services Tax (GST) | Unified indirect tax replacing multiple taxes like VAT, excise, and service tax. |
| Customs Duty | Tax on import/export of goods. |
| Stamp Duty | Tax on transfer of property. |
| Excise Duty | Now subsumed under GST (still applicable on a few items like petroleum). |
💸 2. Major Components of GST
| Type of GST | Levied by | On |
| CGST | Central Govt | Intra-state sales |
| SGST | State Govt | Intra-state sales |
| IGST | Central Govt | Inter-state sales & imports/exports |
🏢 3. Tax Administration Authorities
| Body | Responsibility |
| Central Board of Direct Taxes (CBDT) | Administers direct taxes like Income Tax. |
| Central Board of Indirect Taxes and Customs (CBIC) | Administers GST and customs duties. |
🧾 4. Income Tax Slabs (for FY 2024-25, New Regime)
For Individuals below 60 years:
| Income Range | Tax Rate |
| Up to ₹3 lakh | Nil |
| ₹3 lakh – ₹6 lakh | 5% |
| ₹6 lakh – ₹9 lakh | 10% |
| ₹9 lakh – ₹12 lakh | 15% |
| ₹12 lakh – ₹15 lakh | 20% |
| Above ₹15 lakh | 30% |
(Old regime with deductions also exists)
📈 6. Recent Reforms
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