The central taxation and fiscal laws of India run from the Income-tax Act, 1961 — the working spine of every business and salaried taxpayer — to the GST statutes of 2017 that fused a dozen indirect taxes into one.
Direct tax rests on the Income-tax Act; indirect tax on the Central and Integrated GST Acts, with the Customs Act at the border and the Central Excise Act surviving for petroleum and other excluded goods. The fiscal-statute trio is completed by the FRBM Act, which disciplines the Union’s own borrowing.
This page lists the principal central taxation and fiscal statutes, what each covers, and links to authoritative texts. All acts here are central laws enacted by Parliament — state taxes, including State GST and Odisha’s state levies, are covered separately.
Contents
Direct Taxation
| Act | What it covers |
|---|---|
| Income-tax Act, 1961 (43 of 1961) | The principal direct-tax statute: heads of income, exemptions, tax deduction at source, assessments, appeals and penalties. |
| Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015) | One-time compliance and a harsh tax-and-penalty regime for undisclosed foreign income and assets. |
| Fiscal Responsibility and Budget Management Act, 2003 (39 of 2003) | Fiscal-deficit, revenue-deficit and debt targets binding on the Union Government. |
Indirect Taxation
| Act | What it covers |
|---|---|
| Central Goods and Services Tax Act, 2017 (12 of 2017) | Intra-state GST: taxable supply, registration, input-tax credit, valuation, returns and demand machinery. |
| Integrated Goods and Services Tax Act, 2017 (13 of 2017) | Inter-state GST on supplies across state lines, the IGST credit flow and imports. |
| Customs Act, 1962 (52 of 1962) | Levy and collection of customs duty, classification and valuation, import and export procedures, confiscation and penalties. |
| Central Excise Act, 1944 (1 of 1944) | Excise duty on manufacture — largely subsumed by GST but still applying to petroleum, tobacco and other excluded goods. |
For business structures behind the taxes, see our central civil and commercial laws library; for recovery of tax dues and SARFAESI, the banking and finance and central land and property laws libraries.
Frequently Asked Questions
Which law governs GST on a sale within Odisha?
The Central Goods and Services Tax Act and the Odisha Goods and Services Tax Act apply together — CGST to the Centre, SGST to the state; a sale to another state attracts IGST.
Is the Income-tax Act still in force?
Yes — the Income-tax Act, 1961 remains the law in force; the Income Tax Act 2025 has been enacted to replace it from a future date to be notified.
What is input-tax credit?
Credit for the GST paid on inputs, set off against the GST charged on outward supplies, under sections 16–18 of the CGST Act.
This page is a general library guide published for the Knowledge Centre and is not legal advice. For advice on a specific matter, please contact the firm.