TaxTMI 
TaxTMI 
Details of Central Taxes collected by the Union Government
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....etails of Central Taxes collected by the Union Government <br>News and Press Release<br>Dated:- 8-3-2021<br><BR>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....
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.... 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 Stat....
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....es 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 Estima....
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....te 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....
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.... 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.<BR> News - Press release - PIB....