What are Direct Taxes & Indirect Taxes in India?
(Last Updated On: May 7, 2019) Before discussing the Direct Taxes & Indirect Taxes in India, let us first understand what is the meaning of tax.
What is a Tax?A tax may be defined as a “pecuniary burden laid upon individuals or property owners to support the government, a payment exacted by legislative authority. In simple words, the tax is nothing but money that people have to pay to the government, which is used to provide public services.
Taxes are broadly classified into 2 Types-
1. Direct Taxes
2. Indirect taxes