Introduction:
·
Central Government levies
taxes on income (except tax on agricultural income, which the State Govt. can
levy), customs duties, central excise and service tax.
·
Value Added Tax (VAT),
stamp duty, state excise, land revenue and profession tax are levied by the
State Governments.
·
Local bodies are empowered
to levy tax on properties, octroi and for utilities like water supply, drainage
etc.
