This tax is levied on the income earned by individuals and entities during a financial year. The rates vary depending on the income bracket.

Corporations are subject to a tax on the profits they earn. This tax rate may differ for domestic and foreign companies.

Introduced in 2017, GST is a consumption-based tax that replaced several indirect taxes. It is levied on the supply of goods and services at each stage of the supply chain, from production to the final consumption.

VAT is a state-level tax imposed on the value added to goods and services during their production or distribution. It is similar to GST but was in existence before the introduction of GST.

This tax is charged on goods imported into India from other countries. It aims to protect domestic industries, regulate trade, and generate revenue for the government. These are some of the key taxes in India, but there are also other taxes such as property tax, wealth tax (although this was abolished in 2015), and various other local taxes imposed by municipal corporations or panchayats.

This tax is imposed on certain goods that are produced within India, typically at the manufacturing stage. It’s a way for the government to regulate the production and sale of specific items while also generating revenue.

Property tax is levied on the ownership or possession of property, including land, buildings, and sometimes even vehicles. It’s a source of revenue for local governments and is used to fund public services like sanitation, roads, and schools.

STT is a tax applied to the value of securities (such as stocks and derivatives) traded on recognized stock exchanges in India. It’s aimed at discouraging excessive speculation in the stock market and contributes to government revenue.

Although abolished in 2015, wealth tax was previously imposed on the wealth of individuals and entities above a certain threshold. It was a direct tax on the net wealth owned by individuals, including assets like real estate, jewelry, cars, cash in bank accounts, etc.