KEY TRENDS • Oxfam India's 2023 India Supplement report on poverty and inequality in India reveals that the gap between the rich and the poor is widening. Following the pandemic in 2019, the bottom 50 per cent of the population have continued to see their wealth chipped away. By 2020, their income share was estimated to have fallen to only 13 per cent of the national income and have less than 3...
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Tarun Bajaj, Revenue Secretary at the Ministry of Finance, interviewed by Vikas Dhoot (The Hindu)
-The Hindu It would be much easier for the government to provide relief to people if the tax base was wider, says Revenue Secretary Tarun Bajaj, noting that four crore people don’t file returns though the tax department gets some TDS collections on their account. With major customs duty rationalisation done and corporate tax settled, the government hopes to finish some pending reforms in personal income tax and GST, creating a...
More »Under Modi, Tax Burden has Shifted from Corporates to People -Subodh Varma
-Newsclick.in And, dipping customs collections show easing of imports, which is destroying Indian producers. It was once famously said that the executive (government) is nothing but a committee to manage the affairs of the ruling class in any society. The Narendra Modi-led Bharatiya Janata Party government is a fine example of this truth. The open and brazen way in which it has worked to the advantage of India’s powerful corporate sector has...
More »Centre's tax revenues grew despite stringent lockdown on the back of excise duties
-The Hindu Shift in tax burden comes at a time when pandemic has led to many job losses and reduced income levels In FY21, despite a stringent lockdown and a raging COVID-19 first wave, the gross tax revenue collected by the Centre increased over FY20. However, the increase was made possible by a sharp rise in contributions from union excise duties. This compensated for the sharp drop in the share of corporate...
More »Tax exemptions and incentives for the corporate sector continue despite reduction in corporate tax rates
Quite often it is argued by mainstream economists that a sizeable chunk of the Union Budget every year is wasted because the Government spends that on food and fertiliser subsidies. The burgeoning size of these two subsidies relative to the entire budget as well as the gross domestic product (GDP) is often used to build the argument that economic as well as environmental sustainability of the country is at stake...
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