Quick Summary
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
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FAQ :
The direct taxes collected solely by the Union Government include Corporation Tax, Income Tax, Other Taxes in Income & Expenditure, Wealth Tax, Security Transaction Tax, and other tax and duty on commodities and services.
The indirect taxes collected solely by the Union Government are Central GST, Union Excise Duty on petroleum products and tobacco, and Custom duties. However, for products outside GST, the Union Government levies and collects Union Excise Duty and Custom Duty exclusively.
Yes, under the Goods and Services Tax (GST), both the Union and the States have concurrent powers to levy and collect taxes.
The revised targets for the financial year 2020-21 included Rs. 4,46,000 Crore for Corporation Tax, Rs. 4,47,000 Crore for Taxes on Income, Rs. 12,000 Crore for Security Transaction Tax, Rs. 1,12,000 Crore for Custom Duty, Rs. 3,61,000 Crore for Union Excise Duty, and Rs. 5,15,100 Crore for Goods and Services Tax.
By December 31, 2020, the net collection for Direct Taxes was Rs. 6,20,529.14 Crore, and for Indirect Taxes, it was Rs. 7,12,231.78 Crore.
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