Centre - State Relations

Indian Governance and Polity(UPPCS)

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Corporation tax

is levied and appropriated by the States

is levied by the Union and collected and appropriated by the States

is levied by the Union and shared by the Union and the States

is levied by the Union and belongs to it exclusively

Explanation:

A corporate tax is a levy placed on the profit of a firm to raise taxes. After operating earnings is calculated by deducting expenses including the cost of goods sold (COGS) and depreciation from revenues, enacted tax rates are applied to generate a legal obligation the business owes the government.It is levied by the Union and shared by the Union and the States

By: Abhipedia

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