Taxes are the additional costs that we must pay to get the benefits of living in a society such as roads, schools, food, hospitals, defense, police etc. Therefore, we have to understand how it works.
It is important to note that the tax laws change over time and there are multiple scenarios and sub-parts of laws that we are not covering in this video Therefore, it is always recommended to take the advice of a Chartered Accountant and do your own research on taxes, investing, or when making financial decisions.
There are different types of taxes that the government levies on its citizens. The major types of taxes are as below:
A. Direct Tax
- Income Tax
- Wealth Tax
- Corporate tax
- Gift Tax
- Capital Gains Tax
- Perquisite Tax
B. Indirect Tax
- Custom Duty Tax
- GST Tax
- VAT Tax
- Stamp Duty Tax
- Property Tax
A. Direct Taxes: These taxes are directly levied by the government to an individual or business. Taxes such as individual (paid by individuals), corporate (paid by companies), wealth, gift, capital gains, and perquisite are examples.
B. Indirect Taxes: These are taxes paid by individuals or companies on the consumption of goods and services. Taxes paid when purchasing ice cream, car, etc. Taxes such as Goods and Service Tax (GST) (paid for the consumption of goods and services), VAT (value added tax), customs duty (paid for getting items from another country), property (paid when purchasing land, house, etc.), and stamp duty (paid on legal transactions).
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