Taxation In India
Taxes in India are levied by the Central Government and the state governments. Some minor taxes are also levied by the local authorities such the Municipality.
The authority to levy a tax is derived from the Constitution of India which allocates the power to levy various taxes between the Centre and the State. An important restriction on this power is Article 265 of the Constitution which states that "No tax shall be levied or collected except by the authority of law." Therefore each tax levied or collected has to be backed by an accompanying law, passed either by the Parliament or the State Legislature. In 2010-11, the gross tax collection amounted to 7.92 trillion, with direct tax and indirect tax contributing 56% and 44% respectively.)
Read more about Taxation In India: Constitutionally Established Scheme of Taxation, Income Tax Department, Service Tax
Famous quotes containing the words taxation and/or india:
“Whether talking about addiction, taxation [on cigarettes] or education [about smoking], there is always at the center of the conversation an essential conundrum: How come we’re selling this deadly stuff anyway?”
—Anna Quindlen (b. 1952)
“But nothing in India is identifiable, the mere asking of a question causes it to disappear or to merge in something else.”
—E.M. (Edward Morgan)