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    Direct Indirect Tax India

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    marmara1
    The tax system of India includes direct and indirect taxes. Direct taxes have incidence and impact on the same person, such as income tax, and are governed by the Finance Act through the annual Budget. The Central Board for Direct Tax oversees direct taxes, which are effective from April 1 to March 31. Indirect taxes have impact on one person but incidence on another, like the manufacturer and consumer for goods. Indirect taxes were previously governed by acts like the 1982 Tariff Act and are now subsumed under GST, being effective over the financial year and able to change anytime.

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    Direct Indirect Tax India

    Uploaded by

    marmara1
    19 views1 page
    The tax system of India includes direct and indirect taxes. Direct taxes have incidence and impact on the same person, such as income tax, and are governed by the Finance Act through the annual Budget. The Central Board for Direct Tax oversees direct taxes, which are effective from April 1 to March 31. Indirect taxes have impact on one person but incidence on another, like the manufacturer and consumer for goods. Indirect taxes were previously governed by acts like the 1982 Tariff Act and are now subsumed under GST, being effective over the financial year and able to change anytime.

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    The tax system of India includes direct and indirect taxes. Direct taxes have incidence and impact on the same person, such as income tax, and are governed by the Finance Act through the annual Budget. The Central Board for Direct Tax oversees direct taxes, which are effective from April 1 to March 31. Indirect taxes have impact on one person but incidence on another, like the manufacturer and consumer for goods. Indirect taxes were previously governed by acts like the 1982 Tariff Act and are now subsumed under GST, being effective over the financial year and able to change anytime.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    19 views1 page

    Direct Indirect Tax India

    Uploaded by

    marmara1
    The tax system of India includes direct and indirect taxes. Direct taxes have incidence and impact on the same person, such as income tax, and are governed by the Finance Act through the annual Budget. The Central Board for Direct Tax oversees direct taxes, which are effective from April 1 to March 31. Indirect taxes have impact on one person but incidence on another, like the manufacturer and consumer for goods. Indirect taxes were previously governed by acts like the 1982 Tariff Act and are now subsumed under GST, being effective over the financial year and able to change anytime.

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    © All Rights Reserved
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    Tax System of India

    Tax
    Direct Tax Indirect Tax
    Incidence and impact is on the same person Impact on one person and incidence on another
    Example: Income Tax person/party
    Example: Manufacturer and consumer
    Governed by Finance Act, through Budget
    Central Board for Direct Tax Central Tax, State Tax - now subsumed under GST
    Effective from April 1 to March 31 period and Effective in the financial year (April 1 - March 31)
    cannot change in between and can change anytime
    1982 Tariff Act
    Goods listed were previously taxed. Then taxed
    under VAT.
    In Karnataka, state tax + GST
    Service Tax

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