One of the most common question asked in bank interviews is - Which is the major source of revenue to Indian Government ?
| Type of Tax | Collection in 2013-14 (Rs Crores) |
|---|---|
| Corporate Tax | 322816 |
| Income Tax | |
| Custom Duty | 149327 |
| Excise Duty | 145607 |
| Service Tax | 97508 |
| Taxes on Union Territories | 2785 |
Corporation tax levied on companies under section Companies Act 1961
Income tax is levied on individual, firms other than companies under Income Tax Act 1961
Wealth tax is levied on assets of certain individuals and companies under Wealth Tax act, 1957
Service tax is levied on services provided by professionals and companies. Services under "Negative Lists" are exempted from service tax.
Excise duty is levied on production of goods.
