![Introduction to Indian Tax System](/content/dam/icicibank/india/managed-assets/images/knowledge-base/indian-tax-system.png)
The Union Government is responsible for tax imposition in India. Tax System is mainly classified into Direct and Indirect tax laws. It is further bifurcated into many heads of income.
![Income tax](/content/dam/icicibank/india/managed-assets/images/knowledge-base/income-tax-rate.png)
Multi-tax rate system is followed in India. The Union Budget provides the tax brackets for each year. Tax rates are divided into different categories and slabs are prepared accordingly.
![Goods and Service Tax](/content/dam/icicibank/india/managed-assets/images/knowledge-base/goods-and-service-tax.png)
Goods and Service Tax (GST) is a transformative step towards the indirect tax structure of India. It will replace the existing central and state taxes levied by the government.
![Other Taxes](/content/dam/icicibank/india/managed-assets/images/knowledge-base/other-taxes.png)
Other Taxes include some very important taxes levied in India such as Advance tax, Property Tax, Capital Gain, Customs Duty, Excise Tax, Sales Tax, Corporation Tax and Expat tax.
![Income Tax Return](/content/dam/icicibank/india/managed-assets/images/knowledge-base/investments-save-tax.png)
Every person needs to file income tax return. The income tax return is a statement of income of a person declaring all the sources of revenue and the taxes paid on the income.
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