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What are the most important tax in india?

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What are the most important tax in india?

In India, there are several types of taxes levied by the central and state governments. Some of the most important taxes in India include:

1. Income Tax: It is a direct tax levied on individuals, Hindu Undivided Families (HUFs), companies, and other entities based on their income.

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2. Goods and Services Tax (GST):It is a value-added tax levied on the supply of goods and services across the country. It replaced multiple indirect taxes like VAT, excise duty, and service tax.

3. Corporate Tax: It is a tax levied on the profits earned by companies and businesses operating in India.

4. Securities Transaction Tax (STT): It is a tax levied on the purchase and sale of securities, such as stocks, mutual funds, and bonds.

5. Property Tax: It is a tax levied by local municipalities or state governments on the value of properties, such as land, buildings, and homes.

6. Custom Duty: It is a tax levied on goods imported into India. The rate of custom duty depends on the nature of goods, their value, and the country of origin.

7.Excise Duty: It is a tax levied on the production or manufacture of certain goods, such as alcohol, tobacco, and petroleum products.

8. Service Tax: It is a tax levied on services provided by businesses and professionals, such as consulting, legal, and accounting services.

These are some of the most important taxes in India, and each tax has its own set of rules and regulations for calculation, payment, and compliance.

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