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TWO CATEGORIES:
Direct Tax
Indirect Tax
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The government body that oversees the payment
of direct taxes is called Central Board of Direct
Taxes (CBDT)
The CBDT is a part of the Department of
Revenue
DIRECT TAX
Income Tax
Capital Gains Tax - This tax is payable when you receive a fairly
large amount of money from an investment or through a property sale,
whatever be it.
Securities Transaction Tax - Every time you buy a share, on
the Indian Stock Exchange you're also paying the tax on it.
Perquisite Tax - If the office vehicle is used for both official and
personal reason could be taxed but if it's only used for official purposes,
no taxes are levied on it.
DIRECT TAX
Corporate Tax - This is the income tax levied on the
revenue earned by a company.
The international companies have different tax rates
compared to the domestic companies.
INDIRECT TAX
Indirect taxes aren't directly payable to the
Government by the consumer.They are collected
and paid to the government by the middle man i.e.
the person who provides the service or sells the
product. These taxes are added to the price of the
product thus making it costlier. Some of the most
common examples of indirect taxes are Value
Added Tax (VAT) and Sales Tax.
WHAT IS SGST/CGST/IGST?
For e.g.: Rajesh, a dealer in Maharashtra sold
goods to Anand in Maharashtra worth Rs. 10,000.
The GST rate is 18% comprising of CGST rate of
9% and SGST rate of 9%, in such case the dealer
collects Rs. 1800 and Rs. 900 will go to the central
government and Rs. 900 will go to the Maharashtra
government.
tax Rates Products
0% Milk Kajal
Eggs Educations Services
Curd Health Services
Lassi Childrens Drawing & Colouring Books
Unpacked Foodgrains Unbranded Atta
Unpacked Paneer Unbranded Maida
Gur Besan
Unbranded Natural Honey Prasad
Fresh Vegetables Palmyra Jaggery
Salt
5% Sugar Packed Paneer
Tea Coal
Edible Oils Raisin
Domestic LPG Roasted Coffee Beans
PDS Kerosene Skimmed Milk Powder
Cashew Nuts Footwear (< Rs.500)
Milk Food for Babies Apparels (< Rs.1000)
Fabric Coir Mats, Matting & Floor Covering
Spices Agarbatti
Coal Mishti/Mithai (Indian Sweets)
Life-saving drugs Coffee (except instant)
12% Butter, Computers
Ghee Processed food
Almonds Mobiles
Fruit Juice Preparations of Vegetables, Fruits, Nuts or other parts of Plants
including Pickle Murabba, Chutney, Jam, Jelly
Packed Coconut Water Umbrella
18% Hair Oil Capital goods
Toothpaste Industrial Intermediaries
Soap Ice-cream
Pasta Toiletries
Corn Flakes Computers
Soups Printers
28%Small cars (+1% or 3% cess) High-end
motorcycles (+15% cess)
Consumer durables such as AC and fridge Beedis
are NOT included here
Luxury & sin items like BMWs, cigarettes and
aerated drinks (+15% cess)