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Understanding the Types of Taxes

The citizens of India cannot shy away from paying taxes. The Government of India imposes two types of taxes on its citizens – direct and indirect taxes. Before we delve into the details of differences between the two taxes, let’s quickly recap the two types of taxes:

Direct taxes : These taxes have to be paid directly to the government and cannot be transferred to anyone else. Different acts govern these taxes.

Indirect taxes : These taxes are imposed on all the goods and services, and not on income and profits. It is collected by a retail store or an intermediary from the consumer or one bearing the ultimate burden of the tax.

Differences Between Direct and Indirect Taxes

Context Direct Tax Indirect Tax
Imposition Imposed on income or profits Imposed on goods and services
Taxpayer Individuals, HUFs, firms and companies End-consumer of the goods and services
Applicability Applicable to the taxpayer alone Applicable to every stage of the production-distribution chain
Tax burden The burden falls directly on the individual The burden is shifted to the consumer by the manufacturer or service provider
Transferability Cannot be transferred to anyone else Can be transferred from one taxpayer to the other
Coverage Confined to an entity or individual taxpayer Wide coverage because all the members of the society are taxed
Administrative cost Higher administrative costs and many exemptions Lesser administrative costs because of stable, convenient collections
Tax evasion Possible Not possible
Allocative effects Have good allocative effects since they put less burden on the collection Allocative effects not as good as those of direct taxes
Inflation Helps in reducing inflation Might help in increasing inflation
Orientation Discourage investments, lessen savings Growth-oriented, encourage savings
Mode of progress Progressive, reduce inequalities Regressive, enhance inequalities
Most common types (in India) Income, Wealth, Corporate Tax GST or Goods and Services Tax

Read More About Tax

Tax

Understanding Tax
Capital Gains Tax on Shares
Challan 280
Claiming Interest on Home Loan And HRA
Custom Duty
Excise Duty
Direct Tax
Direct Versus Indirect Taxes
Insurance and Taxes
Advance Tax
Minimum Alternate Tax (MAT)
OLTAS
Sales Tax
Self Assessment Tax
Tax Calendar
TIN Number
Tax Planning

Income Tax

Income Tax
Income Declaration Scheme
Income from House Property
Income from Other Sources
Income Tax Calculator
Income Tax Department
Income Tax Features
Income Tax for Pensioners
Income Tax for Senior Citizens
Income Tax Refund
Income Tax Return
Income Tax Slab
How to pay Income Tax online
Payment of Tax through Credit Cards
E-Filing of Income Tax Returns
E-payment

Tax Forms

Form 10C
Form 12B
Form 15G
Form 15G and 15H
Form 16
Form 16 vs. 16A
FORM 16A
Form 16B
Form 24Q
Form 26AS
Form 26QB
Form 49B
Form 15h

Service tax

Service Tax
GST
GST Rates and Registration
GST Returns Filing
Service Tax Registration
Taxes Affected by GST
Service Tax Rate

Commercial Tax

Commercial Tax
Commercial Tax Gujarat
Commercial Tax Uttarakhand
West Bengal Commercial Tax

Tax Sections

Section 80C
Section 80C and 80U
Section 80D
Section 80DD
Section 87A
Section 80E
Section 43B
Section 44AD
Section 80CCD
Section 80EE

TDS

TDS
TDS on Salary
TDS Rates
TDS Refund

Road Tax

Road Tax
Road Tax in Bangalore
Road Tax in Madhya Pradesh

Property Tax

Property Tax
BBMP Property Tax
MCD Property Tax
GHMC Property Tax

Professional Tax

Professional Tax
Professional Tax in Maharashtra

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Union Budget
ESOP
Digital Signature
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Agricultural Income
7th Pay Commission

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