Hayat Ashraf

The taxation system in the Indian economy is governed by various laws and regulations. It consists of direct and indirect taxes levied by the central and state governments. Here's an overview of the taxation system in India: 1. Direct Taxes:    a. Income Tax: It is a tax imposed on the income earned by individuals, companies, and other entities. The Income Tax Act, 1961, governs income tax in India. It includes various components such as tax slabs, deductions, exemptions, and tax rates applicable to different income levels.    b. Corporate Tax: Corporate tax is levied on the profits earned by companies registered in India. The tax rates vary based on the type of company and its turnover. 2. Indirect Taxes:    a. Goods and Services Tax (GST): GST is a comprehensive indirect tax levied on the supply of goods and services. It replaced multiple indirect taxes such as excise duty, service tax, value-added tax (VAT), and others. GST is governed by the Goods and S...