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PPT: Tax Structure in India | Goods and Services Tax (GST) - B Com PDF Download
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FAQs on PPT: Tax Structure in India - Goods and Services Tax (GST) - B Com
| 1. What is the tax structure in India? |  |
Ans. The tax structure in India consists of direct taxes and indirect taxes. Direct taxes include income tax, corporate tax, and wealth tax. Indirect taxes include goods and services tax (GST), customs duty, excise duty, and service tax.
| 2. How is income tax calculated in India? | |
Ans. Income tax in India is calculated based on the income slab rates set by the government. There are different tax slabs for different income levels, and individuals are taxed accordingly. The income tax is calculated using progressive tax rates, where higher income levels are taxed at higher rates.
| 3. What is Goods and Services Tax (GST) in India? | |
Ans. GST is a comprehensive indirect tax levied on the supply of goods and services in India. It replaced multiple indirect taxes such as excise duty, service tax, and value-added tax (VAT). GST is levied at different rates depending on the type of goods or services and aims to simplify the taxation system by bringing uniformity and transparency.
| 4. What is the difference between direct and indirect taxes in India? | |
Ans. Direct taxes are levied directly on individuals or entities based on their income or profits, such as income tax and corporate tax. Indirect taxes, on the other hand, are levied on the sale or consumption of goods and services, such as GST or customs duty. Direct taxes are paid by the person or entity earning the income, while indirect taxes are ultimately borne by the end consumer.
| 5. What is the role of wealth tax in India's tax structure? | |
Ans. Wealth tax was a type of direct tax in India levied on the net wealth of individuals and Hindu Undivided Families (HUFs). However, it was abolished in 2015. Wealth tax was calculated based on the market value of assets owned by individuals or HUFs, such as residential properties, jewelry, cars, and investments. Its abolition aimed to simplify the tax structure and reduce the compliance burden for taxpayers.
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