Taxation is a term used when a taxing authority, usually a government, levies or imposes a financial obligation on its citizens or residents. Paying taxes to governments or officials has been a mainstay of civilization since ancient times. The term "taxation" applies to all types of involuntary levies, from income to capital gains to estate taxes. Taxation is differentiated from other forms of payment, such as user charges, in that taxation does not require consent and is not directly tied to any services rendered. The government compels taxation through an implicit or explicit threat of force. Taxation is legally different than extortion or a protection racket because the imposing institution is a government, not private actors, and in most cases the tax receipts are used for fulfilling a public responsibility. Tax systems have varied considerably across jurisdictions and time. In most modern systems, taxation occurs on both physical assets, such as property and specific events as well as transactions involving intangibles. Not surprisingly, the formulation of tax policies is one of the most critical and contentious issues in modern politics. In the Indian context, the Central and State governments play a significant role in determining the taxes in India. To streamline the process of taxation and ensure transparency in the country, the state and central governments have undertaken various policy reforms over the last few years. One such change was the Goods and Services Tax (GST) which eased the tax regime on the sale and deliverance of goods and services in the country. In the Indian context, Direct Tax are defined as the tax imposed directly on a taxpayer and is required to be paid to the government. Also, an individual cannot pass or assign another person to pay the taxes on his behalf. Some of the direct taxes imposed on an Indian taxpayer are: (A) Income tax- it is the tax applicable on the income earned by an individual or taxpayer (B) Corporate tax- this is the tax applicable on the profits earned by companies from their businesses. Indirect Taxes are defined as the taxes levied not on the income, profit or revenue but on the value of goods sold and services rendered by the taxpayer. Unlike direct taxes, the burden of indirect taxes can be shifted from one person to another. Earlier, the list of indirect taxes imposed on taxpayers included service tax, sales tax, value added tax (VAT), central excise duty and customs duty. However, with the implementation of GST regime from 01 July 2017, it has replaced all forms of indirect tax imposed on goods and services by the state and central government. GST is meant to reduce the physical interface and lower the tax burden with the unification of the indirect taxes. Regulation is the management of complex systems according to a set of rules and trends. In systems theory, these types of rules exist in various fields of biology and society, but the term has slightly different meanings according to context. In government, typically regulation means the delegated legislation – rules and regulatory notifications drafted by subject-matter experts to enforce primary legislation or law. In business, industry self-regulation occurs through self-regulatory organizations and trade associations. The most significant is State-mandated regulation or government watchdog intervention in the markets in an attempt to implement policy and produce outcomes which might not otherwise occur, ranging from consumer protection to faster growth or technological advancement. Regulations may prescribe or proscribe conduct ("command-and-control" regulation), calibrate incentives ("incentive" regulation), or change preferences ("preferences shaping" regulation). Regulation in India can be mapped under three broad categories: economic regulation, regulation in the public interest and environmental regulation. Economic regulation aims at preventing or tackling market failure. This is achieved with rules that proscribe and punish market distorting behavior. Examples of market and economic regulators in India include the Reserve Bank of India (RBI), the Insurance Regulatory Authority (IRDAI), the Telecom Regulatory Authority of India (TRAI), the Securities and Exchange Control Board of India (SEBI) amongst others. Common examples of regulation include corporate law, foreign exchange regulations, labour laws, social security regulations, limits on environmental pollution , laws against child labor or other employment regulations, minimum wages laws, regulations requiring truthful labelling of the ingredients in food and drugs, and food and drug safety regulations establishing minimum standards of testing and quality for what can be sold, and zoning and development approvals regulation. Much less common are controls on market entry, or price regulation. Sources- Various, Britannica, Wikipedia..