Taxation is the means by which a government or the taxing authority imposes or levies a tax on its citizens and business entities. From income tax to goods and services tax (GST), taxation applies to all levels.
The Central and State government plays a significant role in determining the taxes in India. To streamline the process of taxation and ensure transparency in the country, the state and central governments have undertaken various policy reforms over the last few years. One such change was the Goods and Services Tax (GST) which eased the tax regime on the sale and deliverance of goods and services in the country.
The tax structure in India can be classified into two main categories:
- Direct Tax
- Indirect Tax
The body of rules under which a public authority has a claim on taxpayers, requiring them to transfer to the authority part of their income or property.
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