Question

Find out more about present day taxes on markets who collected this how are they collected and what are they used for

Answer 1

Taxes in India are levied by the Central Government and the state governments.Some minor taxes are also levied by the local authorities such as the Municipality.

The authority to levy a tax is derived from the Constitution of India which allocates the power to levy various taxes between the Central and the State. An important restriction on this power is Article 265 of the Constitution which states that "No tax shall be levied or collected except by the authority of law". Therefore, each tax levied or collected has to be backed by an accompanying law, passed either by the Parliament or the State Legislature. In 2015-2016, the gross tax collection of the Centre amounted to ₹14.60 trillion (US$200 billion).

Answer 2

Taxes in India are levied by the Central Government and the state governments.Some minor taxes are also levied by the local authorities such as the Municipality.