Tax Concept in India - Understand the taxation system in India, covering direct and indirect taxes , compliance and key regulations. What is Tax ? Meaning, Tax Concepts , and Types of Taxation The full form of tax is taxation, which is a mandatory financial charge imposed by a government on an individual's income, a company's profits, or the cost of goods, services, and transactions to fund government activities, including public services. This blog explores the fundamental tax concepts , delving into its meaning, helping you understand what is tax and how it shapes our economy. Understand key tax concepts in India, including income tax , GST, corporate tax , and more. Learn about tax laws, compliance, and regulations in simple terms. Types of Taxes in India Taxes can be broadly classified into direct and indirect taxes , mainly based on tax and tax payment incidence. Let us first understand the concept of tax incidence and tax payment. Tax Incidence Tax incidence refers to the person who ultimately bears the tax burden. Irrespective of whether the tax has been remitted to the government by that individual, the responsibility for the tax liability rests with him. When we say that the tax incidence has fallen on a person ...
