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Apply NowThe Government of India collects taxes in the form of direct and indirect taxes. Here’s a look at what these two terms mean, their different types and how they benefit society at large.
Direct taxes are imposed directly on the incomes of individuals or organisations. These taxes are paid directly to the government, and any liability cannot be transferred to another taxpayer. There are three common types of direct taxes levied on individuals’ and organisations’ incomes in India.
Every citizen of India who earns an income exceeding ₹2,50,000 annually is liable to pay income tax, a form of direct tax. Post this limit, the Indian Government levies taxes based on income slabs. Individual taxpayers can benefit from a range of tax deductions offered by the government under different sections of the Income Tax Act, 1961.
This type of direct tax also includes corporate tax, which is levied on domestic companies and foreign organisations whose make an income from India.
The capital gains tax is levied on any returns earned from investments in assets like equities, bonds, businesses, and farms. The direct capital gains tax is classified into long-term and short-term capital gains tax. Any asset sold within 12 months of acquisition is subject to short-term capital gains tax. On the other hand, assets sold after 12 months are subject to the long-term capital gains tax.
A direct tax called wealth tax is levied on properties owned by individuals, and it changes based on the property’s market value. Wealth tax is payable by individuals, Hindu Undivided Family (HUF), and corporate taxpayers based on the residential status of the taxpayer.
Another direct tax charged by the government, called the “Securities Transaction Tax” (STT), is levied on any income earned through taxable security transactions.
Indirect taxes are not levied directly on the taxpayer. These are imposed on goods and services. Following are the main types of indirect tax in India.
GST is a form of indirect tax that covers 17 different indirect taxes such as Service Tax, Central Excise, State Value Added Tax (VAT), Stamp Duty, etc. It is a comprehensive indirect tax that follows tax slabs defined by the GST Council to levy indirect tax on goods and services.
All goods imported to India are taxed with customs duty. This indirect tax applies to every item imported from a foreign country to India.
VAT is an indirect tax levied on any movable product sold directly to the customer. VAT comprises central sales tax, which is payable to the Government of India.
Here are some critical benefits of direct and indirect taxes.
Tax payments can also be made online. You can pay your income tax online via IDFC FIRST Bank’s swift, easy, and seamless tax payment portal. To know the steps to be followed to pay direct taxes online in India, head to our online tax payment portal.
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