Nov 25, 2015
India has a well-developed tax structure with clearly demarcated authority between Central and State Governments and local bodies. Central Government levies some direct and indirect taxes on individual and commodities respectively. Direct taxes are, Personal Income Tax, Wealth Tax, and Corporation Tax while indirect tax includes; Sales Tax, Excise Duty, Custom Duty and Service Tax. Currently corporation tax (20% of total tax collection) is the biggest source of income of central government.