Forgot Password? Get User ID?
How Can We Help You?
Find relevant answers to most of your queries here.
Submit your request/query.
Check FAQs, raise Service Request, share compliments or raise complaints
Locate our branches and ATMs.
Indirect Tax in India
Indirect tax is a tax levied on the expenses done by a person. It is the same for all the people. The burden to pay can be easily shifted to the end customer.
Taxes in India are broadly categorised into direct tax and indirect tax. The tax which is imposed on the income of an individual is known as the Direct tax, like Income Tax, Gift Tax, Surcharge, etc.
Indirect Tax is not directly imposed on an individual. It is levied indirectly on the expenses incurred by a person. The burden to pay can be easily transferred to the other person, and that's why it is called an indirect tax. The tax is levied on the service provider or the goods seller, which is passed on to the ultimate consumer.
Indirect tax is imposed at the same rate for everyone irrespective of the income earned by a person. Indirect taxes in India can be bifurcated into the following:
- Service Tax imposed on the services rendered.
- Excise Duty imposed on the manufacturing.
- Customs Duty imposed on the import and export of goods.
- Value Added Tax imposed on the value added at the time of production of goods.
- Central Sales Tax imposed on the interstate transfer of goods.
Note: The whole Indirect tax structure of India will change will the implementation of the Goods and Service Tax (GST).
Explore the power of simpler and smarter banking. Bank online with over 250 services
Bank on the go with our Mobile Banking services. Download app or use SMS
Pockets by ICICI Bank
VISA powered Universal payment wallet. Download today
Bank 24/7 through a widespread network of over 4,850 branches and 13,917 ATMs