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India’s Taxation Overview India’s tax system was divided into direct and indirect taxes.
While direct taxes are levied on taxable income earned by individuals and corporations, tax payers are responsible for depositing taxes. Indirect taxes, on the other hand, are paid on the sale and supply of goods and services, and the cost of collecting and depositing taxes falls on the sellers instead of the assessees directly.
- Strategic Tax Planning
- Appellate levels of corporate tax compliance and assessments, including appeals
- Mergers and Acquisition Taxation
- Transfer Pricing
- Expatriate Tax Counseling
- Indirect Taxation and Sales Tax and Excise Duty
The tax structure in India is divided into direct and indirect taxes.
The tax structure in India is separated into direct and indirect taxes. While direct taxes are required on taxable pay earned by people and corporate substances, the burden to deposit charges is on the assesses themselves. On the other hand, indirect taxes are required on the deal and arrangement of merchandise and services respectively and the burden to collect and store charges is on the venders rather than the assesses directly.
The taxation system in India is such that the taxes are levied by the Central Government and the State Governments. Some minor taxes are also levied by the local authorities such as the Municipality and the Local Governments.
Over the last few years, the Central and many State Governments have undertaken various policy reforms and process simplification towards great predictability, fairness and automation. This has consequently lead to India’s meteoric rise to the top 100 in the World Bank’s Ease of Doing Business (EoDB) ranking in 2019 as India jumps 79 positions from 142nd (2014) to 63rd (2019) in ‘World Bank’s Ease of Doing Business Ranking 2020’. The Goods & Services Tax (GST) reform is one such reform to ease the complex multiple indirect tax regime in India.
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