Time Limit for filing appeal of Income Tax Matter in Supreme Court

A direct tax is one that the taxpayer pays directly to the entity imposing the tax.  In this case, the taxpayer must face the tax and will not be able to shift this burden to another corporation. The Central Board of Direct Taxes (CBDT) is in charge of direct tax collection and administration in India. CBDT is regulated by the Department of Revenue, which gives input to the government on the application of direct taxes.

• Income tax is the most typical example of a direct tax, as it is paid directly to the government. Income tax is levied on earnings for a fiscal year. The tax is calculated using the IT department's income tax slabs.
• Anyone who makes capital gains must pay tax on such earnings to the government. Capital gains can be from property or through assets such as stocks. The capital gains tax is assessed based on whether the investments were kept for a long or short period.
• If you trade securities, you must pay securities transactions tax, whether you make money or not.

Indirect Taxes:

Direct taxes are placed on taxpayers' income and earnings; whereas, indirect taxes are assessed on goods and services. The taxpayers pay the indirect tax to the government through an intermediary, and so they are indirectly paid to the government. The Central Board of Indirect Taxes and Customs (CBIC), like the CBDT, is responsible for the collection and administration of indirect taxes, which are overseen by the Department of Revenue.

Types of Indirect Taxes:

• GST is the most frequent example of an indirect tax, having replaced a variety of previous indirect taxes in India such as value-added tax, service tax, excise duty, purchase tax, and others. GST is a single, uniform, and comprehensive indirect tax levied on goods and services based on tax slabs established by the GST Council of India.
• If you buy products or services from another country, you will be charged customs duty. This duty must be paid whether the commodity arrived by air, sea, or land. Thus, customs duty is an indirect tax imposed to ensure that every commodity entering India gets taxed. The implementation of GST has resulted in a significant shift in the country's tax environment. VAT, service tax, sales tax, and other previously required indirect taxes have now been repealed. GST lives up to its promise of "One Nation, One Tax, and One Market."

• Direct taxes are typically collected directly by the government through a variety of levies such as personal income tax and corporate tax, whereas indirect taxes are collected by an intermediary such as a retailer, service provider, e-commerce operator, etc., and then passed on to the government.
• Direct taxes are often source/origin based, which means that they are charged in the nation where the money is made, assets are situated, or the subject resides. However, indirect taxes, such as value-added tax (VAT) or goods and services tax (GST), are normally levied in the nation where the products or services are delivered or ultimately consumed, independent of their place of origin/production or the location of the provider.
• Direct taxes are often progressive, which means that individuals with larger earnings or assets pay a higher tax. Indirect taxes are frequently regressive, meaning that those with lower earnings pay more taxes proportionally because indirect taxes such as GST, VAT, and sales tax are generally levied at a constant rate regardless of the taxpayer's income.
• Direct taxes are income-driven and are only imposed on individuals or entities that meet certain income thresholds or specified criteria, whereas indirect taxes are more transactional, meaning they are imposed at every stage of the supply chain, from production to final sale of goods or services.

In recent years, indirect taxes have grown in importance as a source of income for worldwide governments. This can be linked to reasons such as growing globalization and changing purchasing trends. As a result, many nations are introducing new indirect tax policies to modernize taxes, therefore boosting tax compliance, reducing tax evasion, and strengthening their general economy.

In accordance with Section 261 of the Income Tax Act, any High Court judgment rendered prior to the establishment of the National Tax Tribunal on a reference made pursuant to Section 256 against an order made pursuant to Section 254 before the first day of October 1998, or any appeal made to the High Court in respect of an order passed pursuant to Section 254 on or after that date in any case that the High Court certifies to be a fit one for appeal to the Supreme Court, shall be appealable to the Supreme Court.

Electronic invoicing, often known as e-invoicing, is becoming increasingly widespread across the world. Many governments have enforced the use of e-invoicing technologies to simplify and expedite the invoicing process. E-invoicing eliminates the need for paper-based invoices by generating, transmitting, and receiving invoices online. E-invoicing can be connected with other corporate systems, such as ERPs, to further expedite financial procedures.

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