Economics: More About Taxes

Such stamp duties and such duties of excise on medicinal and toilet preparations as are mentioned in the Union List shall be levied by the Government of India but shall be collected in the case where such duties are leviable within any Union territory, by the Government of India.

Taxes levied and collected by the union but assigned to the States:

1) Duties in respect of succession to property other than agricultural land;

2)  estate duty in respect of property other than agricultural land

3)  terminal taxes on goods or passengers carried by railway, sea or air

4)  taxes on railway fares and freight

5)  taxes other than stamp duties on transactions in stock exchanges and futures markets

6)  taxes on the sale or purchase of newspapers and on advertisements published therein;

7)  taxes on the sale or purchase of goods other than newspapers, where such sale or purchase takes place in the course of inter State trade or commerce;

Duties levied by the Union and collected and appropriated by States:

  1. Stamp Duties
  2. Excise duties on medical preparations containing alcohol or narcotics

Taxes levied and collected by the Union and Proceeds partially shared with States:

  1. Income Tax
  2. 2. Union excise duties