#IndirectTaxIndia

[jhasravi]

Invoking extended periods for duty reassessment Rejected since the appellant followed established practices- CESTAT Chennai

Invoking extended periods for duty reassessment Rejected since the appellant followed established practices- CESTAT Chennai

“Indirect Tax I Indirect Tax Litigation I Customs & FTP I Central Licensing I Arbitration I Advisory” Dated: 24.01.2025 Invoking extended periods for duty reassessment Rejected since the appellant followed established practices- CESTAT Chennai The Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) ruled in favor of M/s. Rider Glass Industries, confirming the classification of…

[expert1212]

Understanding Direct and Indirect Taxes in India

Navigating the Indian Tax System - Direct vs Indirect Taxes

Taxes play a vital role in the Indian economy, and they are divided into two categories: direct taxes and indirect taxes. As a taxpayer, it is essential to understand the difference between the two and how they affect your finances. In this blog post, we will explore direct and indirect taxes in India and help you navigate the complex tax system.

Direct Taxes

Direct taxes are the taxes that are directly levied on an individual's income, property, or wealth. The taxpayer is responsible for paying these taxes directly to the government. Here are the different types of direct taxes in India:

Income Tax - This is the tax that is levied on an individual's income, including salary, business profits, and capital gains. The Income Tax Act governs income tax in India, and the tax rates vary depending on the taxpayer's income.

Wealth Tax - This tax is levied on an individual's wealth, including cash, property, and investments. The Wealth Tax Act governs wealth tax in India, and it is only applicable to individuals with a net wealth exceeding Rs. 30 lakh.

Corporate Tax - This tax is levied on the profits earned by companies in India. The tax rate varies depending on the type of company, and the Companies Act governs corporate tax in India.

For best Tax Related advise Visit AJMS GLOBAL INDIA

Indirect Taxes

Indirect taxes are the taxes that are levied on goods and services. The taxpayer is not responsible for paying these taxes directly to the government. Instead, the taxes are included in the price of goods and services. Here are the different types of indirect taxes in India:

Goods and Services Tax (GST) - This is a tax that is levied on the supply of goods and services. GST has replaced all the indirect taxes that were previously levied by the central and state governments.

Excise Duty - This is a tax that is levied on the production of goods in India. The tax is included in the price of goods and is paid by the manufacturer.

Customs Duty - This tax is levied on goods that are imported into India. The tax is paid by the importer.

For best Tax Related advise Visit AJMS GLOBAL INDIA

Conclusion

In conclusion, direct and indirect taxes are both essential for the Indian economy. As a taxpayer, it is essential to understand the difference between the two and how they affect your finances. By understanding the different types of direct and indirect taxes in India, taxpayers can plan their finances better and ensure compliance with the tax laws.

[jhasravi]

Settlement Commission- “An Alternate Dispute Resolution mechanism for Tax Payers”

In case you face any issues related to Indirect Tax-Customs/GST & Arbitration matters in India then please feel free to get in touch with us.

BORN IN INDIA I SERVED FROM INDIA I TO THE GLOBE Dated: 06.03.2024 Settlement Commission- “An Alternate Dispute Resolution mechanism for Tax Payers” The Customs, Central Excise and Service Tax Settlement Commission (hereinafter referred to as “the Commission”) provides an alternative dispute resolution mechanism for taxpayers seeking to resolve tax disputes through conciliation rather than…

[jhasravi]

Limitation period  u/s 29Aof The Arbitration Act Not Applicable To International Commercial Arbitration

Limitation period  u/s 29Aof The Arbitration Act Not Applicable To International Commercial Arbitration

BORN IN INDIA I SERVED FROM INDIA I TO THE GLOBE Dated: 28.02.2024 Limitation period  u/s 29A Arbitration Act Not Applicable To International Commercial Arbitration: Supreme Court of India The Supreme Court held that the time limit of twelve months as prescribed in Section 29A of the Arbitration and Conciliation Act is not applicable for international commercial arbitration. In terms of the…

[jhasravi]

Designated Commercial Courts can hear matters under Arbitration Act-Supreme Court of India

Arbitration-Jurisdiction of the Courts in India as clarified by the Supreme Court of India

BORN IN INDIA I SERVED FROM INDIA I TO THE GLOBE Dated: 27.02.2024 Designated Commercial Courts can hear matters under Arbitration Act-Supreme Court of India In case you face any issues related to Customs procedures, Indirect Tax-Customs/GST related compliance procedures, or customs litigation matters, EXIM Policies and anything related to ARBITRATION matters then please feel free to get in…

[jhasravi]

Powers of Customs Officer- A section wise summary

BORN IN INDIA I SERVED FROM INDIA I TO THE GLOBE Dated: 24.02.2024 Understanding the Powers & Jurisdiction of Customs Officers under the Indian Law In case you face any issues related to Customs procedures, Indirect Tax-Customs/GST related compliance procedures, or customs litigation matters, EXIM Policies and anything related to ARBITRATION matters then please feel free to get in touch with…

[jhasravi]

Arbitration- An Overview in the Indian Context

BORN IN INDIA I SERVED FROM INDIA I TO THE GLOBE Dated: 08.02.2024 Arbitration- An Overview in the Indian Law Arbitration is an out-of-court proceeding in which a neutral third party called an arbitrator hears evidence and then makes a binding decision. Arbitration is the most commonly used method of alternative dispute resolution (ADR), and you’ll find an arbitration clause in the fine print…