What is the Classification of Taxes in Union Budget?

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 1^st 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.