Introduction financial relation between union and state in India
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The financial relation between the union and the state is laid down in the constitution. The constitution provides a detailed schema of the financial resources distribution among the union and the state.
The Union government has the exclusive right to levy taxes like,
1. Customs duty
2. corporation tax.
3. Capital Gains.
4. Surcharge on Income Tax.
5 .Railway fares etc.
The state government can absorb the following taxes:
1. Land revenue.
2. Stamp Duty.
3. Estate Revenue.
4. Agricultural Income.
5. Entry Tax.
6. Sales Tax.
7. Taxes of vehicles, luxuries etc.
The Union government has the exclusive right to levy taxes like,
1. Customs duty
2. corporation tax.
3. Capital Gains.
4. Surcharge on Income Tax.
5 .Railway fares etc.
The state government can absorb the following taxes:
1. Land revenue.
2. Stamp Duty.
3. Estate Revenue.
4. Agricultural Income.
5. Entry Tax.
6. Sales Tax.
7. Taxes of vehicles, luxuries etc.
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