i. Black money is funds earned on the black market on which income and other taxes have not been paid.
ii. The unaccounted money that is concealed from the tax administrator is called black money
Causes of Black money:
Several sources of black money are identified as causes
a) Shortage of goods
b) Licensing proceeding
c) Contribution of the industrial sector
d) Smuggling
e) Tax structure

i) State Goods and services Tax (SGST): Intra state (within the state) : VAT /Sales tax, purchase tax, entertainment tax, luxury tax, lottery tax and state surcharge and cesses.
ii) Central Goods and services Tax (CGST): Intra state (with the state) : Central Excise Duty Service tax, countervailing duty, additional duty of customs, Surcharge. education and secondary / higher secondary cess.
iii) Integrated Goods and services Tax (GST): Interstate (integrated GST)
a) There are four major GST rates : 5 % 12 %, 18 % and 28 %.
b) Almost all the necessities of life like vegetables and food grains are exempted from this tax.

Direct Taxes:
i) A tax imposed on an individual or Organisation, which is paid directly, is a direct tax.
ii) The burden of a direct tax cannot be shifted to others.
iii) Some direct taxes are income tax, wealth tax and corporation tax.
a) Income tax:
i) Income tax is the most common and most important tax levied on an individual in India
ii) It is charged directly based on the income of a person
iii) The rate at which it is charged varies, depending on the level of income
b) Corporate tax:
i) This tax is levied on companies that exist as separate entities from their shareholders
ii) It is charged on royalties, interest gains from sale of capital assets located in India and fees for a technical services and dividends.
iii) Foreign companies are taxed on income that arises or is deemed date in India.
c) Wealth tax :
i) Wealth tax is charged on the benefits derived from property ownership.
ii) The same property will be taxed every years on its current market value.
iii) The tax is levied on the individuals and companies alike.
Indirect Taxes
i) If the burden of the tax can be shifted to others, it is an indirect tax
ii) The impact is on one person while the incidence is on the another person.
iii) Therefore, in the case of indirect taxes, the tax payer is not the tax bearer.
iv) Some indirect taxes are stamp duty, entertainment tat, excise duty and goods and service tax (GST).
a) Stamp duty :
i) Stamp duty is a tax that is paid on official documents like marriage registration or documents of property and in some contractual agreements.
b) Entertainment tax:
i) Entertainment tax is a duty that is charged by the government on any source of entertainment provided
ii) This tax can be charged on movie tickets, tickets to amusement paris, exhibitions and even sports events.
c) Excise duty:
i) An excise tax is any duty on manufactured goods levied at the movement of manufacture, rather than at sale.
ii) Excise is imposed in addition to an indirect tax such as a sales tax.