Which among the following is a tax levied by Centre and not shared with States ?



[ A ]    Sales Tax
[ B ]    Income Tax
[ C ]    Corporation Tax right
[ D ]    Excise Duty
Answer : Option C
Explanation :
Taxes levied, collected and retained by the Centre are: Ø Corporation Tax (Corporate tax) Ø Customs Duties. Ø Surcharge on Income Tax. Ø Taxes on capital value of assets of individual and companies. Ø Fees on matters of the Union list. These taxes belong to the centre exclusively. In other words, no part of the proceeds of these taxes can be assigned to the states.
General Economy Questions and Answers for competitive exams

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