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India faces more difficulties in proliferating its income tax than a country like China, who subjects 20% of its population, because there is an emphatically low amount of formal wage earners. [27] Even though India's income tax was instituted in 1922 by the British, their tax history explains their high degree of tax delinquency today. [27]
It was introduced as the One Hundred and Twenty Second Amendment Bill of the Constitution of India, The Goods and Services Tax (GST) is a Value added Tax (VAT) proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. It replaces all indirect taxes levied on goods ...
Taxes levied and collected by the Union but assigned to the States. A-269A . Levy and collection of goods and services tax in course of inter-State trade or commerce; A-270. Taxes levied and distributed between the Union and the States; A-271. Surcharge on certain duties and taxes for purposes of the Union. A-272 - Omitted. A-273.
The act, which became effective on 1 April 1962, replaced the Indian Income Tax Act, 1922. Current income-tax law is governed by the 1961 act, which has 298 sections and four schedules. [9] The Direct Taxes Code Bill was sponsored in Parliament on 30 August 2010 by the finance minister to replace the Income Tax Act, 1961 and the Wealth Tax Act ...
Income Tax Department. The Income-tax Act, 1961 is the charging statute of Income Tax in India. It provides for levy, administration, collection and recovery of Income Tax. The Government of India brought a draft statute called the "Direct Taxes Code" intended to replace the Income Tax Act, 1961 and the Wealth Tax Act, 1957. However the bill ...
The Sixth Amendment of the Constitution of India, officially known as The Constitution (Sixth Amendment) Act, 1956, brought taxes on inter-State sales and purchases of goods other than newspapers within the exclusive legislative and executive power of the Union, and levied taxes on inter-State sales and purchase of goods other than newspapers.
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56. Taxes on goods and passengers carried by road or on inland waterways. 57. Taxes on vehicles, whether mechanically propelled or not, suitable for use on roads, including tram-cars subject to the provisions of Entry 35 of List III [Concurrent list]. 58. Taxes on animals and boats. 59. Tolls. 60. Taxes on professions, trades, callings and ...