All About Tax Structure In India

Types of Taxes in India: A Complete Guide on the Tax System

India's tax system funds national development through direct (income tax) and indirect (GST) taxes managed by central, state, and local bodies.

Written by : Knowledge Centre Team

2025-12-04

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11 minutes read

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Taxes are the government's largest source of income. The money collected from taxes is used for various projects for the nation's development. The Indian tax system is well structured and has a three-tier federal structure.

Direct taxes include income tax, gift tax, and capital gains tax, etc., while indirect taxes include goods and services tax, customs duty, certain cesses and surcharges.

The Central Government of India imposes taxes such as income tax, customs duty, central excise duty (on a limited set of products, such as petroleum and tobacco), and GST on inter‑state supplies and imports. State governments impose state GST (SGST) on intra‑state supplies, along with taxes such as state excise duty, professional tax, land revenue, and stamp duty. Local bodies can collect octroi, property tax, and other taxes on services like water and drainage supply.

Key Takeaways
 

  • India’s tax system consists of direct taxes like income and corporate tax, and indirect taxes such as GST, customs duties, and excise duties.
  • Direct taxes, like income tax and corporate tax, directly affect individuals' and businesses’ disposable income and profits. 
  • Indirect taxes, including GST and customs duty, are passed on to the end consumers, which can increase the cost of goods and services, affecting everyday spending.
  • India’s dual taxation system means both central and state governments levy taxes, ensuring balanced revenue generation. 
  • Individuals face a slab-based income tax system with tax benefits under specific exemptions, while businesses must comply with corporate tax rules, considering turnover, exemptions, and compliance with GST.

How Many Types of Taxes are There in India?

Taxation in India is mainly divided into Central and State Government taxes, with two types of taxes:

  • Direct Taxes

  • Indirect Taxes

While direct taxes are levied on earnings in India, indirect taxes are levied on expenses. The responsibility to deposit the direct tax liability lies with the earning party, whether an individual, HUF, or company.

Indirect taxes are collected mainly by corporations and businesses that provide services and products. Thus, these entities are responsible for depositing indirect taxes.

What is Direct Tax?

Direct taxes are imposed on corporate entities, HUFs, and individuals. These are the type of taxes in India that cannot be transferred to others. For individual taxpayers, the income tax is the most important type of Direct tax. This tax is computed for every financial year (1st April to 31st March) and assessed in the following assessment year. As per the Income Tax Act, 1961, you must make income tax payments if your annual income exceeds the minimum exemption limit, subject to the tax regime chosen. You can get tax benefits under various sections of the Act, depending on your eligible investments and expenses.

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What are the Different Types of Direct Tax?

Direct taxes account for a significant part of the government’s revenue in India. However, income tax is not the only direct tax.

Here are the types of direct tax list in India applicable in India:

  • Income Tax

  • Capital Gains Tax

  • Corporate Tax

Income tax applies to most income of an Individual and HUF, except capital gains and profits from business or profession. Income tax is calculated as per the applicable slab rates for the relevant financial year, and the tax is assessed in the following assessment year. The central government announces the slab rates in the annual budget.

You also have the provision to reduce your taxable income using the tax-saving investments and expenses under Section 80C and other deduction provisions of the Income Tax law.

What Other Taxes Come Under Direct Tax?

Individuals and businesses in India earn income in diverse ways and at different levels. Therefore, it is important to levy a tax on you based on your income, and if someone earns more, the tax percentage should be different. The Income Tax Act segregates the income range and charges different rates as per the segregation. The different groups are known as tax slabs. Your income tax slab can vary not only based on your income but also on your age and the tax regime you choose. The Central Government can revise income‑tax slabs and rates during the Union Budget.

1. Capital Gains Tax:

Capital gains tax applies to the profits from the sale of a capital asset. The tax rate on capital gains depends on the type of capital gain. The Income Tax Act, 1961, divides the capital gains tax into the following two types:

  • Short-Term Capital Gains Tax

  • Long-Term Capital Gains Tax

Short-term capital gains occur when the assets are sold within a specified period, for example:

  • Listed equity shares or units of equity‑oriented mutual funds within 12 months of purchase.

  • Unlisted shares or immovable property, such as land or buildings, within 24 months of purchase.​

  • Other capital assets like gold, jewellery, and certain financial instruments within 24 months of purchase, where the general 24‑month short‑term threshold applies.​

If the asset is sold after the specified period, the gains or losses will become long-term capital gains or losses.

Depending on the type of asset, you may receive indexation benefit on long-term capital gains. Indexation allows you to benefit from inflation in your capital gains, reducing your tax liability.

2. Corporate Tax:

Corporate tax in India is levied on the taxable income of companies registered under the Companies Act, 1956. The structure of the Indian taxation system has undergone significant changes in recent years, with the government aiming to simplify the system and incentivise domestic manufacturing. For AY 2026‑27, the base income‑tax rates for domestic companies (excluding surcharge and cess) typically are:

ConditionIncome Tax Rate
Total Turnover or Gross Receipts during the previous year does not exceed ₹400 crores25%
If you opt for Section 115BA25%
If you opt for Section 115BAA22%
If you opt for Section 115BAB15%
Any other Domestic Company30%

  • 7% - Taxable income above ₹1 crore– Up to ₹10 crore

  • 12% - Taxable income above ₹10 crore

  • 10% - If Company opting for taxability u/s 115BAA or Section 115BAB

3. Securities Transaction Tax:

STT is a direct tax imposed when stocks are sold or purchased through any Indian stock exchange. It was introduced in 2004 and is applicable to shares, mutual funds, and futures and options transactions. STT was imposed to reduce the short-term capital gains tax and eliminate the long-term capital gains tax.

Indirect Taxes in India: Key Types & Impact on Economy

Indirect taxes in India, including GST, customs duties, and excise, are applied to goods and services at various stages of production and consumption. These taxes are collected by businesses and passed on to consumers, making them a significant revenue stream for the government. They help simplify the tax system and encourage compliance, while also influencing market prices and demand. Some other popular indirect taxes in India include:

  • GST: It is the main indirect tax in India, levied on most supplies of goods and services, replacing many earlier levies like service tax, central excise on most goods, state VAT, entry tax, luxury tax, and entertainment tax (except some local levies).
  • Pre‑GST Taxes Now Largely Included Under GST: These are the types of taxes before GST in India and now apply only in limited cases, or have been almost entirely absorbed into the GST framework:

    1. Service Tax: This tax is levied by entities for rendering services like consulting, legal, and other such services. This tax is collected from the service recipients and paid to the central government. 
    2. Excise Duty: This duty is applicable to all goods that are manufactured in India. This indirect tax is payable by the manufacturers and often passed on to the customers. This indirect tax in India is levied by the central government and works according to the provisions of the Central Excise Act, 1944.
    3. VAT: Value Added Tax (VAT) is imposed on the sale of movable goods in the nation. VAT is levied at all stages of the production and distribution channel, which includes an instance of value addition. This tax is levied by the state governments under Entry 54 of the State List.
    4. Entertainment Tax: The state governments charge such a tax on every transaction related to entertainment. Some examples of these types of tax before GST are movie tickets, video game arcades, stage shows, exhibitions, amusement parks, and sports-related activities.
  • Indirect Taxes That Continue Outside GST: These levies remain separate and are not subsumed under GST:

    1. Customs Duty: It is one of those indirect taxes that are applicable to bringing imported goods into the country. In certain instances, this duty may also be levied on exported goods. The Customs Act, 1962, provides regulations on the levy and collection of this duty, import and export procedures, penalties, prohibitions, and offences.
    2. Stamp Duty: This is an indirect tax charged by state governments on the transfer of immovable property within their jurisdiction. In addition, stamp duty is mandatory on all types of legal documents. Its rates vary from one state to another.
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Did You know?

According to Section 115BAB, new domestic manufacturers may choose to avail a concessional tax rate of 15% (resulting in an effective tax rate of 17.16%)


Source: ClearTax

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Direct vs Indirect Taxes in India: Key Differences Explained

Direct or indirect, all taxes in India form the backbone of our tax system. Learn how they differ, who pays them, and their impact on your finances.

FeatureDirect TaxIndirect Tax
Who Pays?Individuals and businessesConsumers
Collection MethodPaid directly to the governmentCollected by intermediaries
Burden TransferCannot be shiftedShifted to end consumers

What is Goods and Services Tax?

The Goods and Services Tax (GST) has consolidated India's complex web of indirect taxes. The tax system in India can have three layers of levies: the Centre, the State, and the local authority or municipalities.

Before the introduction of GST in the Indian taxation system, the following indirect taxes could apply to goods and services in India:

  • Excise Duty

  • Entertainment Tax

  • Value Added Tax (VAT, State)

  • Octroi

  • Service Tax

  • Central Sales Tax (collected by the state)

  • Purchase Tax

  • Entry Tax (State)

  • Luxury Tax (State)

These interconnecting and often overlapping taxes posed many disadvantages and conflicts for suppliers, manufacturers, and government bodies.

Disadvantages of Indirect Taxes Before GST

A complex web of multiple tax points and returns for suppliers led to:

  • Incidents of double taxation and cascading tax effect

  • Complicated legal conditions for exporters

  • Barriers to entering new markets due to varying rules and regulations

  • Higher after-tax prices for goods and services

The introduction of GST removed the complexity and hurdles for businesses to participate in nationwide markets. GST made goods and services cheaper for individuals and end consumers while making taxation transparent and easy for sellers.

The Present State of GST

GST has simplified the indirect taxation for goods and services in India. With GST, instead of five or six different taxes, you only need to consider the following three (out of which only two will apply):

  • Central Goods & Services Tax (CGST)

  • State Goods & Services Tax (SGST)

  • Integrated Goods & Services Tax (IGST)

CGST and SGST apply when the sale occurs within the state. IGST applies to goods sold between states.

Latest GST Rate Structure in India:

The GST Council, under the Central Board of Indirect Taxes and Customs (CBIC), determines GST rates for goods and services. Following the GST 2.0 reforms effective from 22 September 2025, India follows a simplified structure with:

  1. 5% - For essential goods and priority sectors

  2. 18% - Standard rate for most goods and services

  3. 40% - For luxury and sin goods (such as certain automobiles, pan masala, tobacco, aerated drinks)

The earlier 12% and 28% slabs have been removed as part of the GST rationalisation, with many items reclassified into the 5% or 18% slabs. Meanwhile, a few special rates like 0% (such as those for life insurance premiums) and 3% continue for specific categories..

Impact on Individuals and Businesses

GST affects individuals mainly through the final prices they pay on goods and services, influencing day‑to‑day expenses, savings capacity, and overall household budgets. For businesses, GST shapes pricing strategies, working capital needs, and compliance efforts through its input tax credit rules, filing requirements, and changing rate structure, especially after the recent GST 2.0 slab rationalisation.

For Individuals:

  • Direct taxes, like income tax, affect disposable income and savings capacity

  • Indirect taxes like GST increase the cost of goods and services you buy, especially after the recent slab changes

  • Tax deductions, exemptions, and rebates under the Income Tax law help in reducing tax liability and partly offset the impact of indirect taxes on your budget

For Businesses:

  • Corporate taxes affect profitability, retained earnings, and long-term financial planning

  • GST compliance affects pricing strategies, cash flow, and operational costs due to input tax credit mechanisms and filing requirements

  • Tax policies and reforms, such as concessional corporate tax options (like Section 115BAB for eligible manufacturing companies) and the simplified GST 2.0 slab structure, play a key role in investment decisions, ease of doing business, and global competitiveness

Taxation Policy in India (Central and State Tax Policies)

The Taxation Policy in India is based on a dual structure, where both the Central Government and State Governments have the authority to levy and collect taxes. This system is designed to distribute the tax burden and responsibilities between the two levels of government to ensure balanced revenue generation and fund public services across the country.

Together, the central and state taxes ensure a well-rounded approach to financing government activities. The introduction of the Goods and Services Tax (GST) has simplified indirect taxation by combining several state and central taxes into one, promoting uniformity across the country for goods and services while allowing both levels of government to share the tax revenue.

This dual system ensures that both central and state governments have a sustainable source of income for governance, with a clear distribution of tax authority to meet different needs at the national and local levels.

Tax Structure in India for Personal and Corporate Taxation

The Indian Tax structure is built around separate but connected rules for individuals and for companies. Knowing how personal and corporate taxes are calculated helps you plan income, investments, and business profits more efficiently.

  • Personal Taxation: This one covers how individual incomes are taxed through slabs, regimes, and deductions.

    1. Slab-based Income Tax System: Individuals are taxed based on income slabs with progressive tax rates under the old and new tax regimes
    2. Exemptions & Deductions: Section 80C, 80D, HRA, and other benefits reduce taxable income, mainly under the old regime
    3. New vs. Old Tax Regime: Taxpayers can choose between two structures based on their income level, deductions, and overall financial planning
  • Corporate Taxation: It focuses on how companies are taxed on their profits under different rate options and conditions.

    1. Domestic Companies: Taxed at varying rates depending on whether they opt for standard rates or concessional options such as Sections 115BAA and 115BAB, and in some cases, a turnover threshold
    2. Foreign Companies: Subject to higher tax rates than domestic companies, with MAT applicable in specific situations
    3. Minimum Alternate Tax (MAT): Ensures companies pay a minimum tax on book profits where regular taxable income is low due to exemptions, though MAT does not apply if they opt for specified concessional regimes
    4. Dividend Distribution Tax (DDT) (now removed): Previously applied to dividends paid by companies, but abolished from FY 2020-21; dividends are now taxed in the hands of shareholders at their applicable slab or corporate rates

Understanding India’s taxation system is vital for financial planning, compliance, and economic growth. With evolving tax policies, staying informed helps individuals and businesses make better financial decisions.

Exemptions on Tax Deduction

The tax deduction is a reduction of income that eventually lowers your tax liability. Deductions are expenses you incur during the year, which can be subtracted from your total income to calculate how much tax you need to pay. There are many deductions and allowances available, especially under the old tax regime, that you can use to reduce your total income.

Here are some of the most commonly used ways for the tax deduction:

  • House Rent Allowance: You can get the tax benefit under HRA if you have rented accommodation. The amount exempted can be totally or partially exempted from income tax.
  • Medical Insurance Deduction: If you have bought a medical policy, the premium you paid for the policy could save you tax as the amount is deducted from gross income (up to a limit).
  • Food Coupons: Some employers may provide you with food coupons. Such meal coupons are tax-exempt up to a certain limit, and the yearly exemption for food coupons can be up to ₹26,400.
  • Section 80C, 80CC, and 80CCD(1): This is the most popular option, and you must already be using it to reduce your taxes. Under this, you can reduce your taxable income by investing your money in tax-saving investments.

Section 80C - Deductions on Investments

You can claim a deduction of ₹1.5 lakh from your total income under section 80C

Section 80CCC – Insurance Premium

Deduction for the premium paid towards the eligible annuity or pension plan

Section 80CCD – Pension Contribution

Deduction for contribution to pension account, such as NPS (with an additional ₹50,000 available under Section 80CCD(1B) beyond the ₹1.5 lakh combined limit)

Section 80GG – House Rent Paid

Deduction for house rent paid where HRA is not received (the least of ₹5,000 per month, 25% of adjusted income, or excess of rent over 10% of income)

Section 80 TTA – Interest on Savings Account

Deduction from gross total income for interest on savings bank account up to ₹10,000 per year

Section 80E – Interest on Education Loan

Deduction for interest on education loan for higher studies, available for a specified number of years.

Section 80EE – Interest on Home Loan

Deductions on home loan interest for first-time home owners, subject to loan amount, property value, and date‑of‑sanction conditions

Section 80D – Medical Insurance

Deduction for the premium paid for medical insurance for self, spouse, children, and parents, subject to age‑wise limits

What Happens if You Don’t Pay Taxes?

Paying taxes is a fundamental responsibility of every citizen. The tax structure in India consists of direct and indirect taxes, ensuring that the government has the necessary funds for infrastructure, public services, and welfare programmes. When you do not comply with tax laws, the consequences can range from financial penalties to legal action, depending on the severity of non-compliance.

  • Legal Penalties and Interest Charge: If you fail to pay your taxes on time, the Income Tax Department may impose penalties and interest on unpaid tax (for example, under sections 234A, 234B, and 234C).  A late filing fee under Section 234F of up to ₹5,000 or ₹10,000, with a lower cap of ₹1,000 for incomes up to ₹5 lakh. May also apply. In extreme cases, prosecution may result in imprisonment ranging from 3 months to 7 years.
  • Increased Scrutiny from the Tax Authorities: The Income Tax Department closely monitors non-compliance. If you fail to pay taxes, your PAN-linked financial transactions may come under scrutiny, leading to tax notices, audits, and even legal proceedings. This can create unnecessary hassles and impact your financial credibility.
  • Loss of Financial Benefits: Not filing your tax returns on time may impact your ability to secure loans, credit cards, and even travel visas. Many banks require proof of tax payment for loan approvals, while foreign embassies often request ITRs during visa processing.
  • Impact on Business Operations: Failure to pay business taxes in India, such as income tax, corporate tax, GST, or customs duty, can result in penalties, frozen accounts, cancellation of GST registration, and legal action. Non-compliance disrupts operations, affects cash flow, and damages credibility with banks and investors.
  • Missed Tax Refunds and Deductions: If you fail to file your returns, you may miss out on tax refunds for excess tax deducted at the source (TDS). Additionally, you won’t be able to claim deductions under sections like 80C (investments), 80D (health insurance), and 80E (education loans), resulting in higher tax liability.

How to File Taxes in India?

Filing taxes in India is a crucial responsibility for individuals and businesses. Whether you are a salaried professional, a freelancer, or a business owner, understanding the tax filing process can help you stay compliant with the law while maximising benefits. The tax structure in India is divided into direct and indirect taxes, with income tax among the most commonly filed direct taxes.

Step 1: Determine Your Taxable Income:

Your taxable income includes earnings from salary, business profits, house property, capital gains, and other sources. Deductions under sections like 80C, 80D, and 80E can help reduce your taxable income, ultimately lowering your tax liability.

Step 2: Choose the Right Tax Regime:

The Indian tax system offers two regimes: the old tax regime, which provides multiple exemptions and deductions, and the new tax regime, which features lower tax rates but fewer deductions. Choosing the appropriate regime depends on your financial situation and available deductions.

Step 3: Gather Necessary Documents:

Before filing your Income Tax Return (ITR), collect essential documents such as:

  • Form 16 (issued by your employer)

  • Form 26AS (for tax credit verification)

  • Bank Statements

  • Investment Proofs

  • Aadhaar and PAN Card

Step 4: Select the Appropriate ITR Form:

The Income Tax Department provides different ITR forms based on the taxpayer's income source and category. For instance:

  • ITR-1 (Sahaj): Salaried individuals with income up to ₹50 lakh

  • ITR-3: For business owners and professionals

  • ITR-4 (Sugam): For individuals under the presumptive taxation scheme

Step 5: File Your ITR Online:

The Indian government has streamlined tax filing through the Income Tax e-Filing portal. Here’s how you can file your return:

  • Log in to https://www.incometax.gov.in

  • Select “File Income Tax Return”

  • Choose the right assessment year and ITR form

  • Fill in your income, deductions, and tax paid details

  • Verify your details and submit the form

Step 6: Verify Your ITR:

After submission, your return must be verified within 120 days. This can be done via:

  • Aadhaar OTP

  • Net banking

  • Sending a signed physical copy to the Centralised Processing Centre (CPC), Bangalore

Step 7: Check for Refunds and Notices:

Once your ITR is processed, you can track refunds on the e-filing portal. The Income Tax Department may also issue notices if discrepancies arise, requiring further clarification or document submission.

Summing Up

When you buy term insurance, not only does it offer your loved ones financial security, but it also reduces your taxable income. When you buy a term insurance plan from Canara HSBC Life Insurance, the premiums you pay each year may qualify for a deduction under Section 80C. You can typically claim tax benefits on eligible life insurance premiums (including term plans) within the overall Section 80C limit of ₹1.5 lakh in a financial year, along with your other 80C investments.

Glossary

  1. Tax Slab: A system where income is divided into ranges, each subject to a different tax rate, varying by income level and age
  2. Section 80C: Allows deductions up to ₹1.5 lakh on certain investments and expenses, reducing taxable income
  3. PPF: A long-term investment option under Section 80C, offering tax benefits and stable returns backed by the government
  4. Indexation: An adjustment to capital gains to account for inflation, reducing tax liability on long-term capital gains
  5. Octroi: A local tax collected on goods brought into a city for consumption, sale, or use, typically levied by municipal bodies
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Uncertain About Insurance

FAQs on Tax Structure in India

For the financial year 2025–26, under the old tax regime, income up to ₹2.5 lakh per annum is tax‑free for individuals below 60, while higher basic exemption limits of ₹3 lakh and ₹5 lakh apply to senior and super senior citizens, respectively. Under the new tax regime, the basic exemption limit is ₹4 lakh for all individuals. With the enhanced rebate under Section 87A, resident taxpayers with taxable income up to ₹12 lakh (₹12.75 lakh for salaried individuals after standard deduction) will have zero income‑tax liability.

Individuals with annual incomes below the minimum exemption limit under the chosen tax regime, and those whose income is fully covered by rebates (for example, under Section 87A, do not pay income tax. In addition, agricultural income is exempt (subject to certain aggregation rules), and specific categories of taxpayers https://www.indiabudget.gov.in/doc/Finance_Bill.pdfget relief through higher basic exemption limits or special provisions, such as senior and super senior citizens under the old tax regime.

You can save income tax by investing in tax-saving instruments like Public Provident Fund (PPF), National Savings Certificate (NSC), Equity Linked Savings Schemes (ELSS), and claiming deductions under Section 80C, 80D, and other relevant sections of the Income Tax Act.

Current slabs (new regime, FY 2025–26): Basic exemption up to ₹4 lakh; 5% on ₹4–8 lakh, 10% on ₹8–12 lakh, 15% on ₹12–16 lakh, 20% on ₹16–20 lakh, 25% on ₹20–24 lakh, and 30% above ₹24 lakh

With a ₹75,000 standard deduction and an enhanced Section 87A rebate of up to ₹60,000, salaried residents effectively pay zero tax on income up to about ₹12.75 lakh under the new regime.

Direct taxes: Income tax, corporate tax, capital gains tax, and securities transaction tax (STT).

Indirect taxes: GST, customs duty, excise on select products, and stamp duty.

The new regime offers lower slab rates, a higher basic exemption, standard deduction, and limited deductions.

The old regime has higher rates but allows full use of deductions/exemptions (80C, 80D, HRA, home loan interest, etc.).

As a rule of thumb, the new regime usually suits those with lower total deductions, while the old regime can be better if your eligible deductions and exemptions are high; running both numbers via a calculator is the safest way to choose.

There isn’t a fixed single number for “how many tax in India” because taxes are grouped into broad categories rather than counted as one list.

Broadly, India has two main types of taxes:

  • Direct taxes, like income tax, corporate tax, capital gains tax, and securities transaction tax (STT).

  • Indirect taxes, mainly GST (which has multiple components and rates), customs duty, excise duty on select products, and various state/local levies such as stamp duty and property tax.

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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