Which taxes decided by central government
Answers
Answer:
Customs duty,income tax, service tax, and central excise duty.
Answer:
The Indian Central Government, levies taxes such as customs duty,income tax, service tax, and central excise duty. The taxation system in India empowers the state governments to levy income tax on agricultural income, professional tax, value added tax (VAT), state excise duty, land revenue and stamp duty.
Explanation:
Customs Duties
These are levied by the central government on goods imported into and exported out of India. There are 11 types of customs duty in India, including the basic customs duty on imported goods and export duty on exported goods. The central government sometimes levies several additional protective duties on imported goods that have a visibly negative impact on domestic industry.
Gift Tax
This tax is levied by the central government on all gifts valued at more than Rs50,000 and on movable (art, jewellery, stocks) and immovable property (land, buildings, hereditary rights) acquired below the market value. Gift tax was enacted to prevent money laundering through high-value gifts of cash and/or property.
Service Tax
This is levied on certain services specified by the central government. Throughout India, the service tax rate is 10.3 percent of the value on taxable services. Jammu and Kashmir is the only state that does not have a service tax.
Wealth Tax
This is an annual tax levied by the central government on the combined value of all assets acquired in India by individuals, Hindu Undivided Families and companies. The wealth tax rate is 1 percent on net wealth above Rs15,00,000 (15 lakhs).
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Income Tax is what we all know.
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