{"id":100968,"date":"2024-07-23T14:51:33","date_gmt":"2024-07-23T09:21:33","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=100968"},"modified":"2024-07-23T14:52:36","modified_gmt":"2024-07-23T09:22:36","slug":"taxation-in-india","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/taxation-in-india\/","title":{"rendered":"Taxation in India | Complete Overview of Tax Structure in India"},"content":{"rendered":"<div class=\"yoast-breadcrumbs\"><span><span><a href=\"https:\/\/www.oliveboard.in\/blog\/\">Home<\/a><\/span> \u00bb <span><a href=\"https:\/\/www.oliveboard.in\/blog\/category\/static-gk\/\">Static GK<\/a><\/span> \u00bb <span class=\"breadcrumb_last\" aria-current=\"page\"><strong>Taxation in India<\/strong><\/span><\/span><\/div>\n\n\n<p><strong>Taxation in India:<\/strong> Taxes form an important source of income for the Government. Direct taxes are levied on taxable income earned&nbsp;by individuals and corporate entities and indirect taxes are levied on the&nbsp;sale&nbsp;and provision of&nbsp;goods and services respectively. The taxation in India is such that the taxes are&nbsp;levied by the&nbsp;Central Government, State Governments, and some by the local authorities such as the Municipality&nbsp;and the Local Governments. <\/p>\n\n\n\n<p class=\"has-text-align-center\"><a href=\"https:\/\/www.oliveboard.in\/banking-insurance-exams\/?ref=contsp\" target=\"_blank\" rel=\"noreferrer noopener\">Attempt a Free Mock test <\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Taxation in India: Major Central and State Taxes <\/strong><\/h2>\n\n\n\n<p>Major Central and State Taxes in India include : <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Major Central Taxes<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Income Tax<\/li><li>Central Goods &amp; Services Tax (CGST)<\/li><li>Integrated Goods &amp; Services Tax (IGST)<\/li><li>Customs Duty<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Major State Taxes<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>State Goods &amp; Services Tax (SGST)<\/li><li>Stamp Duty &amp; Registration<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Taxation in India<\/strong>: <strong>Major Central Taxes<\/strong><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\">Income Tax <\/h4>\n\n\n\n<p>Individual taxpayers will need to pay the income tax based on the slab system they fall under based on their income. Individuals with a higher income will need to pay more tax. The slab system was introduced to maintain a fair tax system in the country.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\" id=\"new_regime inco\"><strong>New Regime Income Tax Slab Rates for Individuals<\/strong><\/h5>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Income Tax Slab<\/strong><\/td><td><strong>Tax Rate<\/strong><\/td><\/tr><tr><td>0-3 lakh rupees<\/td><td>Nil<\/td><\/tr><tr><td>3-7 lakh rupees<\/td><td>5%<\/td><\/tr><tr><td>7-10 lakh rupees<\/td><td>10%<\/td><\/tr><tr><td>10-12 lakh rupees<\/td><td>15%<\/td><\/tr><tr><td>12-15 lakh rupees<\/td><td>20%<\/td><\/tr><tr><td>Above 15 lakh rupees<\/td><td>30%<\/td><\/tr><\/tbody><\/table><figcaption>*The salaried employee in the new tax regime stands to save up to \u20b9 17,500\/- in income tax.<br><\/figcaption><\/figure>\n\n\n\n<h5 class=\"wp-block-heading\" id=\"new_regime inco\"><strong>Old Regime Income Tax Slab Rates for Individuals<\/strong><\/h5>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Income Tax Slab<\/strong><\/td><td><strong>Tax Rate<\/strong><\/td><\/tr><tr><td>Up to Rs.2.5 lakh<\/td><td>Nil<\/td><\/tr><tr><td>Above Rs.2.50 &#8211; Rs.5 lakh<\/td><td>5% of the total income that is more than Rs.2.5 lakh<\/td><\/tr><tr><td>Above Rs.5 lakh &#8211; Rs.7.50 lakh<\/td><td>10% of the total income that is more than Rs.5 lakh + Rs.12,500<\/td><\/tr><tr><td>Above Rs.7.50 lakh &#8211; Rs.10 lakh<\/td><td>15% of the total income that is more than Rs.7.5 lakh + Rs.37,500<\/td><\/tr><tr><td>Above Rs.10 lakh &#8211; Rs.12.50 lakh<\/td><td>20% of the total income that is more than Rs.10 lakh + Rs.75,000<\/td><\/tr><tr><td>Above Rs.12.50 &#8211; Rs.15 lakh<\/td><td>25% of the total income that is more than Rs.12.5 lakh + Rs.1,25,000<\/td><\/tr><tr><td>Above Rs.15 lakh<\/td><td>30% of the total income that is more than Rs.15 lakh + Rs.1,87,500<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Central Goods &amp; Services Tax (CGST)<\/strong><\/h4>\n\n\n\n<p>CGST is a tax levied on Intra-state supplies of both goods and services by the Central Government and will be governed by the CGST Act.&nbsp;Section 8 of the GST Act mentions that the rate of tax will not exceed 14% each. It subsumes taxes such as Central Excise Duty and Central Surcharges.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Integrated Goods &amp; Services Tax (IGST)<\/strong><\/h4>\n\n\n\n<p>IGST is a tax levied on all Inter-State supplies of goods and services. IGST is also applicable on any supply of goods and services in both cases of import into India and export from India.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Customs Duty<\/strong><\/h4>\n\n\n\n<p>Customs duty in India is defined under the Customs Act, 1962 and governed by Central Board of Excise &amp; Customs (CBEC).  Government levies duty on exports and imports, prohibit export and import of goods, procedures for importing\/exporting and offenses, penalties, etc. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Taxation in India<\/strong> : <strong>Major State Taxes<\/strong><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>State Goods &amp; Services Tax (SGST)<\/strong><\/h4>\n\n\n\n<p>SGST refers to&nbsp;the tax levied by the state government on the intrastate transaction of goods and services payable to the state. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Stamp Duty &amp; Registration<\/strong><\/h4>\n\n\n\n<p>Stamp&nbsp;duty&nbsp;is a tax imposed on the&nbsp;sale&nbsp;of property\/property ownership by the state government, payable under Section 3 of the Indian Stamp Act, 1899. The&nbsp;duration&nbsp;of the&nbsp;stamp duty&nbsp;at the time of registration shall be based on the&nbsp;value&nbsp;of the house\/property and the state or area where the&nbsp;property&nbsp;is located, and whether it is a new or old house.<\/p>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<p id=\"block-8016baa5-aa8a-438b-8e56-4725cf90799c\"><strong><br><br>DOWNLOAD THE&nbsp;<a href=\"https:\/\/play.google.com\/store\/apps\/details?id=in.oliveboard.prep&amp;referrer=utm_source%3DApp_blog\" target=\"_blank\" rel=\"noreferrer noopener\">OLIVEBOARD APP<\/a>&nbsp;FOR ON-THE-GO EXAM PREPARATION<\/strong><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright is-resized\" id=\"block-89f484c8-7ebe-4206-a80a-12dc6dc06013\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.oliveboard.in\/images\/app.png\" alt=\"Oliveboard Mobile App\" width=\"232\" 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Direct taxes are levied on taxable income<\/p>\n","protected":false},"author":60,"featured_media":100969,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11544],"tags":[77,15715,15714],"class_list":["post-100968","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-static-gk","tag-current-affairs","tag-tax-structure-in-india","tag-taxation-in-india","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Taxation in India | Complete Overview of Tax Structure in India<\/title>\n<meta name=\"description\" content=\"Complete overview of Taxation in India. 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