Excise duty helps fill Centre’s fiscal gap

  What is the News? According to the data from the Controller General of Accounts (CGA), Excise duty mostly from petrol and diesel has helped the government overcome a major gap in its revenue in FY21. How much tax do we pay on petrol and diesel? The Union government levies excise duty and cess on… Continue reading Excise duty helps fill Centre’s fiscal gap

Effective tax base growth highest in five years

Finance ministry has said that the effective taxpayer base has increased by 13.5% for the assessment year (AY) 2018-19.This is the highest rate in the last five years. The tax base which includes assessees filing I-T returns along with those whose tax is deducted at source rose to 8.44 crore in 2018-19 compared with 7.42… Continue reading Effective tax base growth highest in five years