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Collection from various Taxes in India

One of the most common question asked in bank interviews is - Which is the major source of revenue to Indian Government ?

Type of Tax Collection in 2013-14 (Rs Crores)
Corporate Tax
322816
Income Tax
170342
Custom Duty
149327
Excise Duty
145607
Service Tax
97508
Taxes on Union Territories
2785
Corporation tax levied on companies under section Companies Act 1961

Income tax is levied on individual, firms other than companies under Income Tax Act 1961

Wealth tax is levied on assets of certain individuals and companies under Wealth Tax act, 1957

Service tax is levied on services provided by professionals and companies. Services under "Negative Lists" are exempted from service tax.

Excise duty is levied on production of goods. 


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