Indian Economy
General Knowledge

Types of Tax

Types of Tax

Direct Tax
A direct tax is that which is borne by the person on whom it is levied. Direct as well as indirect money burden of the direct tax is on the person on whom the tax is imposed.

Indirect Tax
» Indirect taxes are those taxes, which have their primary burden or impact on one person, but that person shifts his burden on to the consumer of his goods or services.
» Consequently, the final or the real burden of the taxes or the incidence has to be borne by a third person.

Taxes imposed by Central Government :
Tax, Wealth Tax, Gift Tax, Custom Duty, Tax on agricultural wealth etc.

Taxes imposed by the State Government
Land revenue tax, Agricultural income tax, Agricultural Land Revenue, State Excise Duty, Entertainment Tax, Stamp duty, Road Tax, Motor Vehicle Tax etc.

Some Financial institutions and their year of establishmen

Industrial Credit and Investment Corporation of India Jan., 1955
Industrial Finance Corporation of India 1948
Unit Trust of India (Head Office - Mumbai) 1 Feb., 1964
National Bank for Agricultural and Rural Development (NABARD) 12 July, 1982
Industrial Reconstruction Bank of India 20 March, 1985
Small Scale Industries Development Bank of India (SIDBI) (Head Office - Lucknow) 1990
Export-Import Bank of India (EXIM Bank) 1 Jan., 1982