Taxation Laws in India
One of the constantly changing field of law in India is Taxation Laws. Legal structure involving Indian tax regime though a bit complicated has been undergoing reforms with the unified tax code system of GST having been implemented in the country in July 2017.
Under the taxation regime in India, the taxes are broadly classified into Direct taxes and Indirect taxes. Direct Taxes refers to those taxes which is levied on income, salary and profits of an individual or corporation. Few examples of direct taxes are income tax, wealth tax, property tax, gift tax etc. One of the most important characteristic of direct taxes is that they charged on the payer directly and the burden of paying tax can’t be shifted.
Direct and Indirect Taxes
On the other hand, Indirect tax refers to taxes which are levied on goods and services and not on the income or profits of an individual or corporation. Under Indirect taxation, the burden of tax payment can be shifted. Custom duties, import duties, service tax, entertainment tax are few examples of indirect taxes.Read more to learn about the various legal issues surrounding Taxation laws in India.
Taxation Laws (Amendment) Act, 2019