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Tax Structure in India Video Lecture | Goods and Services Tax (GST) - B Com
FAQs on Tax Structure in India Video Lecture - Goods and Services Tax (GST) - B Com
| 1. What is the tax structure in India? |  |
Ans. The tax structure in India refers to the system of taxation that is followed in the country. It includes various taxes such as income tax, goods and services tax (GST), excise duty, customs duty, and others. The tax structure is designed to generate revenue for the government and fund public services and infrastructure development.
| 2. What is income tax in India? | |
Ans. Income tax in India is a direct tax levied on the income earned by individuals, Hindu Undivided Families (HUFs), and other entities. It is calculated based on the income slab rates specified by the government. Individuals are required to file their income tax returns annually and pay the applicable tax based on their income.
| 3. What is GST in India? | |
Ans. GST stands for Goods and Services Tax, which 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 a destination-based tax, and it is levied at multiple stages of the supply chain, ensuring that the tax burden is shared by all stakeholders.
| 4. What is excise duty in India? | |
Ans. Excise duty in India is an indirect tax levied on the production or manufacture of goods within the country. It is primarily levied on goods that are produced or manufactured in India, and the duty is paid by the manufacturer or producer of the goods. Excise duty is an important source of revenue for the government and is included in the final price of the goods.
| 5. What is customs duty in India? | |
Ans. Customs duty in India is a tax levied on goods imported into the country or exported out of the country. It is imposed by the government to regulate trade, protect domestic industries, and generate revenue. The duty is calculated based on the value of the goods, their classification, and additional charges such as anti-dumping duty or safeguard duty, if applicable.
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