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GOVERNMENT RAISES WINDFALL TAX AS OIL PRICES SURGE Why in the News? The government has raised the windfall tax on petrol and diesel exports while reducing the levy on aviation turbine fuel exports for the next fortnight. The move comes amid elevated global crude prices, geopolitical tensions and disruptions around the Strait of Hormuz. Windfall …
Read MoreGOVERNMENT RAISES WINDFALL TAX AS OIL PRICES SURGE Why in the News? The government has raised the windfall tax on petrol and diesel exports while reducing the levy on aviation turbine fuel exports for the next fortnight. The move comes amid elevated global crude prices, geopolitical tensions and disruptions around the Strait of Hormuz. Windfall …
Read MoreBitcoin Soars Past $110K Amid US Crypto Bill Why in the News? Bitcoin reached an all-time high of $110,000 after the US Senate advanced the GENIUS Act, a bipartisan crypto regulation bill. The legislation focuses on stablecoin regulation, boosting investor confidence and signaling a pro-crypto shift in US policy. Impact on Bitcoin and Market Confidence: …
Read MoreRBI Approves Record ₹2.68 Lakh Cr Dividend Transfer Why in the News? The RBI Board approved a record surplus transfer of ₹2.68 lakh crore to the Central Government for FY 2024-25. This decision, under the revised Economic Capital Framework, will support fiscal consolidation amid domestic and global economic uncertainties. The move comes as part of …
Read MoreGENERAL SCENARIO OF INDIAN TAXATION Origin of Tax: The term “tax” comes from “taxation,” indicating an estimation process. Historical Presence: Direct taxation has been a part of India’s financial system since ancient times. Purpose of Taxation: Taxes are collected by the government to fund projects that boost the economy and improve citizens’ standard of living. …
Read MoreWhy in the news? Net direct tax collections exceed 2023-24 target, driven by personal income tax surge; corporate tax contribution declines. About the Growth in Tax Kitty: India’s net direct tax collections rose by 17.7% in 2023-24, reaching ₹19.58 lakh crore. This surpassed both the Budget estimates and revised estimates by 7.4% and ₹73,000 crore …
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