What is the difference between padding and margin?

[hp-singh-53e2639c (Harjas Preet Singh)]

What is the difference between padding and margin?

[sakshi-srivastava-f3c2a4a4 (Sakshi Srivastava)]

Both padding and margins are used to create extra spaces. But the main difference is -

• padding is used to create space inside the element / container.
• margin is used to create space around the element / container.