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Giving details of the taxes which are solely collected by the Union Government, Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a question in Lok Sabha today, stated them as under:-
Direct Taxes
Corporation Tax, Income Tax, Other Taxes in Income & Expenditure, Wealth Tax, Security Transaction Tax and Other Tax and Duty on Commodities & Services.
Indirect Taxes
Central GST, Union Excise Duty on petroleum products & tobacco and Custom duties. Out of these, levy and collection of Union Excise Duty on products outside GST and Custom Duty is done solely by the Union Government. However, under the GST, both the Union and States have concurrent powers to levy and collect tax.
The Minister further gave the tax-wise target for Central taxes to be collected from 1st April, 2020 to 31st March, 2021, tax-wise is as under:-
Direct Taxes (Rs. in Crore) | |
Major Head | Revised Target |
Corporation Tax | 4,46,000 |
Taxes on Income | 4,47,000 |
Security Transaction Tax | 12,000 |
Indirect Taxes (Rs. in Crore) | |
Major Head | Revised Estimate |
Custom Duty | 1,12,000 |
Union Excise Duty | 3,61,000 |
Service Tax (arrears) | 1,400 |
Goods and Services Tax including CGST, IGST & Compensation Cess | 5,15,100
|
The Minister gave further details of amount of Central taxes which have been collected till 31st December, 2020 (for financial year 2020-21) as under:
Particulars | Net Collection (Rs. in Crore) |
Direct Taxes | 6,20,529.14 |
Indirect Taxes | 7,12,231.78 |
The releases of States’ Share/Tax Devolution is as per the accepted recommendations of Finance Commission for its award period, the Minister stated. The State-wise details of States’ share and releases is as per Annexure.
Central tax distribution: Union retains exclusive levy for certain taxes while GST is concurrently levied with States. The Union retains exclusive levy and collection of specified central taxes-notably Corporation Tax, Income Tax, Wealth Tax, Security Transaction Tax, Union Excise Duty outside GST, and Custom Duty-while GST components are subject to concurrent levy and collection by both the Union and States. The release of States' share and tax devolution follows the accepted recommendations of the Finance Commission, with state-wise details provided in an annexure.Press 'Enter' after typing page number.