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Asked by Sujit Last Modified
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1. Some certain taxes are levied by the center and collected by the state, i.e. stamp duty and the taxes on the production of medicines, etc.
2. Taxes are levied and collected by the Parliament but are distributed among the states, i.e. terminal taxes, taxes on interstate trade and commerce and duties on succession of property other than agricultural land.
3. Certain taxes are levied and collected by the centre but these are distributed between the centre and the state both, i.e. income tax.
4. Article 273 contains the provisions regarding the grants provided to the states by the Central Government, out of the consolidated fund of India. The states of Assam, West Bengal, Bihar and Odisha have been given grants in lieu of export duty on jute and jute products as well.
5. A Finance Commission is appointed by the President of India after every five years which makes recommendations on the financial matters to be referred by the President.
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