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These taxes assist the government in funding a variety of initiatives aimed at improving basic infrastructure and maintaining the country's overall well-being. The taxes in this category are primarily referred to as a cess, which are taxes collected by the government and the funds generated by this are used for certain purposes at the discretion of the Finance Ministry.
Here are some of the 'Other Taxes' paid by Indian citizens -
This is specific to the municipal corporation and is fixed by the respective municipal offices. These taxes are imposed to provide and maintain basic civic services. Municipal Tax is levied on all property owners, whether residential or commercial.
Another form of tax that is popular in India is the entertainment tax. The government imposes it on feature films, television programs, exhibitions, amusement parks, and recreational facilities. This tax is levied based on a business entity's total revenue from commercial shows, film festival earnings, and audience participation.
In India, an education cess is a tax imposed to assist government-sponsored educational activities with enough funds. This tax is collected separately from other taxes and applies to all Indian citizens, corporations, and other residents of the country. The effective rate of education cessation is now 2% of an individual's salary.
When a person receives a gift from another, it is deemed a component of their income from "other sources," and the appropriate tax is levied. The Gift Tax Act, enacted in 1958, declared that whenever an individual received gifts, whether monetary or valuables, a tax was to be paid on such gifts. The tax on such donations was kept at 30%, however it was repealed in 1998.
Gifts provided by family members such as siblings, sisters, parents, spouses, aunts and uncles are no longer taxed under the new laws. This tax does not apply to gifts given to you by the local government. The way the tax works today is that if someone other than exempt entities gives you something worth more than Rs. 50,000, the entire gift amount is taxable.
Another tax imposed by the government was the Wealth Tax, which was calculated based on the assessee's net wealth. The net wealth of a property is subject to wealth taxation. Net wealth is the sum of an individual's assets minus the cost of acquiring them (any loan taken to acquire them). Wealth tax is no longer in effect, having been repealed in the 2015 Union Budget.
The Wealth Tax Act governs the worth tax, which authorizes the government to levy a tax on a person's, a HUF, or a company's net wealth. This tax was scheduled to be repealed in 2016, however until then, the tax charged on net wealth was around 1% on wealth in excess of Rs. 30 lakhs. There are certain exceptions to this tax, such as organizations that are exempt from paying wealth tax. Trusts, partnership enterprises, social groups, political parties, and so on are examples of such organizations.
Vehicle owners pay road tax when they purchase a vehicle. This tax is levied for the use of government-maintained roadways throughout the country. This tax money is mostly used to build and maintain thousands of kilometres of highways.
Toll tax is a levy that you must often pay in order to use toll highways and other government-built infrastructure. The tax amount levied is insignificant and is utilized for the maintenance and basic upkeep of a certain project. As a result, you only pay them when you utilize such roads and not otherwise.
This is another important cess imposed by the Indian government since June of 2016. It is primarily intended to provide assistance to all farmers and to enhance agricultural facilities in the country. This tax, like the Swachh Bharat cess, is levied on all taxable services and has an effective rate of 0.5%. It is levied in addition to the service tax and the Swachh Bharat cess.
Another tax that went into force on June 1st, 2016 is the infrastructure cess. This tax imposes a 1% surcharge on petrol/LPG/CNG-powered motor vehicles with a length of 4 meters or less and an engine capacity of 1200cc or less. A 2.5% tax is required for diesel motor vehicles that do not exceed 4 meters in length and have engines with capacity less than 1500cc. The cess for large sedans and SUVs is 4% of the total cost of the vehicle.
Entry tax is a tax levied in some states throughout the country, including Uttarakhand, Madhya Pradesh, Gujarat, Assam, and Delhi. All items entering the state via e-commerce establishments are taxed under this provision. This tax is levied at a rate ranging from 5.5% to 10%.
In India's current economic environment, there are numerous types of taxes. The funds produced in this manner not only fuel the country's economy, but also provide a much-needed boost to the lower classes.
1. What are the major types of taxes in India?
Indian citizens primarily pay ‘Direct Taxes’ and ‘Indirect Taxes’ on their income, goods and services purchased and sold.
2. What are the other taxes, apart from direct and indirect taxes?
Other Taxes include professional tax, property tax, entertainment tax, stamp duty, transfer tax, road tax, and similar taxes. Though they are not great revenue generators, they do contribute to the public budget. These taxes assist the government in funding a variety of initiatives aimed at improving basic infrastructure and maintaining the country's overall well-being.
3. What is the Professional Tax rate in New Delhi?
Though professional tax is levied by most states in India, New Delhi does not levy professional tax on its professionals.
4. Why should I pay toll charges if I have already paid road tax?
Road tax amount is used to maintain local roads in a city while toll charges are used towards the development of toll roads and national highways.
5. Why is the stamp duty on property registration different in each city?
Stamp duty is fixed by the respective municipal corporation, or whichever administrative body governs the region. It is based on the prevalent land rates and hence differs everywhere.
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