Types Of Taxes In Indian Economy - General Knowledge

A compulsory contribution given by a citizen or organisation to the Government is known as TAX. which is used for meeting expenses on welfare work. there are three main  tax collecting levels in india which is Mentioned below.

1. Central Level Tax Collection
2. State Level Tax Collection
3. Local Level Tax Collection

Types Of Tax In India

Direct Tax : Income Tax, Property Tax, Gift Tax etc

Indirect Tax : Sales Tax, Excise Duty, Custom Duty

Taxes that imposed by the Central Government : Income Tax, Corporate Tax, Property tax, succession tax, wealth tax, gift tax, custom duty, tax on agricultural wealth

Taxes that imposed by the State Government : Land Revenue Tax, Agricultural Income Tax, Agriculture Land Revenue, State Excise Duty, Entertainment tax, stamp duty, road tax, vehicle tax.

the union excise duty from the most significant part of central taxes and the major tax revenue sources for states are their shares in union excise duties, income tax, commercial taxes, land revenue, stamp duty, registration fees, state excise duties on alcohol and narcotics. sales tax is one of the most important component of commercial taxes.

who is the father of the tax reformation in indian economy?

R Chelliah Committee : Raja Jesudoss Chelliah an economoic Ph.D, was constituted in august 1991 for suggesting reforms in tax structure. find out more details here. Chelliah Committee recommended income tax for agricultural income of more than Rs. 25000 P.a. Chelliah Committee also recommended for lowering down the tax rates and reducing the tax slabs. 

Note : K L Rekhi committee was constituted in 1992 for suggesting uniform regulations for indirect taxation such as custom duties, excise duties.

Who will Define the tax relationship between state government and central government ?

Ans : Finance Commission

The Finance Commission of India came into existence in 1951. It was established under Article 280 of the Indian Constitutionby the President of India. the commission is appointed every five years and consists of a chairman and four other members. 

13rd Finance Commission fr the period 2010-2015 has been constituted in November 2007 with Dr, Vijay L Kelkar as the Chairman.