|
Type of tax |
Percentage |
|---|---|
|
Income tax |
Slab rates range from 5% to 30% for individuals and 25% for companies |
|
Corporate tax |
25% |
|
Goods and Services Tax (GST) |
0%, 5%, 12%, 18%, and 28% |
|
Customs duty |
Varies depending on the type of goods being imported |
|
Excise duty |
Varies depending on the type of goods being produced |
Income tax
The income tax rates in India vary depending on the level of income and the type of taxpayer. For individuals, the income tax slab rates for the financial year 2023-24 are as follows:
|
Slab |
Income range (₹) |
Tax rate (%) |
|---|---|---|
|
1 |
Up to 2.5 lakh |
Nil |
|
2 |
2.5 lakh to 5 lakh |
5 |
|
3 |
5 lakh to 7.5 lakh |
10 |
|
4 |
7.5 lakh to 10 lakh |
15 |
|
5 |
10 lakh to 12.5 lakh |
20 |
|
6 |
12.5 lakh to 15 lakh |
25 |
|
7 |
Above 15 lakh |
30 |
Corporate tax
The corporate tax rate in India is 25%.
Goods and Services Tax (GST)
GST is a comprehensive value-added tax that is levied on the consumption of goods and services. The GST rate varies depending on the type of goods and services that are being consumed. The following are the different GST rates:
0%: Essential goods such as food, milk, and medicines are exempt from GST.
5%: Goods such as books, cereals, and cooking oil are taxed at 5% GST.
12%: Goods such as processed food, garments, and footwear are taxed at 12% GST.
18%: Goods such as electronics, appliances, and furniture are taxed at 18% GST.
28%: Luxury goods such as cars, cigarettes, and alcohol are taxed at 28% GST.
Customs duty
Customs duty is levied on goods that are imported into India. The customs duty rate varies depending on the type of goods that are being imported.
Excise duty
Excise duty is levied on the production of certain goods in India. The excise duty rate varies depending on the type of goods that are being produced.
It is important to note that these are just general guidelines. There are many different factors that can affect the tax rate that you pay, such as your income level, your occupation, and the type of goods and services that you consume. If you have any questions about your tax liability, you should consult with a tax professional.