Part XII - Finance (264-291)

Article 264

Interpretation

Administrative processes and finance to run effectively in the Union and States by the clear definition of the Finance Commission

Article 265

Taxes not to be imposed save by authority of law

No tax shall be levied or collected except by authority of law

Article 266

Consolidated Funds and public accounts of India and of the States

Article 267

Contingency Fund

reserve of money set aside to cover unforeseen or emergency

Article 268

Duties levied by the Union but collected and appropriated by the States

The Union government levies (imposes) the tax, but the states collect it and goes into states account

Ex.- stamp duties, medicinal and etc.

Article 268A

Service tax levied by Union and collected and appropriated by the Union and the States (omitted)

Ex. - mobile bills, banking services

Article 269

Taxes levied and collected by the Union but assigned to the States

States gets tax after its collected by union

Ex. - inter-state taxes on goods

Article 269A

Levy and collection of goods and services tax in course of inter-State trade or commerce

Just like 269 but tax is shared between union and states

Article 270

Taxes levied and distributed between the Union and the States

Article 271

Surcharge on certain duties and taxes for purposes of the Union

Article 272

Taxes which are levied and collected by the Union and may be distributed between the Union and the States (omitted)

Article 273

Grants in lieu of export duty on jute and jute products

Article 274

Prior recommendation of President required to Bills affecting taxation in which States are interested

Article 275

Grants from the Union to certain States

promote the welfare of Scheduled Tribes and improve the administration of Scheduled Areas

Article 276

Taxes on professions, trades, callings and employments

Article 277

Savings

Local bodies can continue to collect taxes until parliament make new rule to collect themselves

Article 278

Agreement with States in Part B of the First Schedule with regard to certain financial matters (Ommited)

Article 279

Calculation of "net proceeds", etc.

total revenue generated from it, minus the expenses incurred in its collection

CAG is responsible for it

Article 279A

Goods and Services Tax Council

Article 280

Finance Commission

Article 281

Recommendations of the Finance Commission

distribution of tax revenues, grants to states, and financial support for local bodies.

Article 282

Expenditure defrayable by the Union or a State out of its revenues

financial grants for any activity or project that benefits society

Article 283

Custody, etc., of Consolidated Funds, Contingency Funds and moneys credited to the public accounts.

Article 284

Custody of suitors' deposits and other moneys received by public servants and courts

Article 285

Exemption of property of the Union from State taxation

The property owned by the central government is free from state and local taxes

Article 286

Restrictions as to imposition of tax on the sale or purchase of goods

Restrction on imposition of tax on inter-state transactions for states

Article 287

Exemption from taxes on electricity

Can't tax electricity used by union or railway etc.

Article 288

Exemption from taxation by States in respect of water or electricity in certain cases

States are prohibited from imposing taxes on water or electricity connected with certain authorities and inter-state rivers. 

Article 289

Exemption of property and income of a State from Union taxation

Article 290

Adjustment in respect of certain expenses and pensions

Article 290A

Annual payment to certain Devaswom Funds

Article 291

Privy purse sums of Rulers (Ommited)