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What is the Classification of Taxes in Union Budget?

Important banking qna for banking aspirants, which is helpful in banking exam.

Mar 19, 2015 14:28 IST
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What is the Classification of Taxes in Union Budget?

Classification of Taxes in Union Budget

  • Direct Tax: Direct Tax that is paid directly by an individual or organization to the imposing entity.
  • Indirect Tax: Indirect taxes are the charges that are levied on goods and services.

There are 5 types of direct taxes in these year union budget.

  • Income Tax
  • Corporate Tax
  • STT (Securities Transaction Tax)
  • FBT (Fringes Benefit Tax) - Phased out in March 2010.
  • BCTT (Banking Cash Transaction Tax) - Phased out in March 2010.
  • CTT (Commodities Market Transaction Tax)

* NASDAQ- National Association for Securities Dealer and Automated Quotations.

* NCDEX- National Commodities Derivative Exchange.

*GST- Goods and Service Tax [It is going to be implemented by April 1st 2011]

This tax will replace central excise duty and service tax from April 1, 2011.

INDIRECT TAXES-

1. Central Excise Duty

2. Custom Duty

3. Service Tax

The biggest source of income for GOI is corporate tax.

Fiscal Deficit - This is overall resources gap of the union budget.

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