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LUXURY CESS MAY BE MERGED INTO GST STRUCTURE Why in the News? Cess expiry: The Compensation Cess, extended till March 2026, may be integrated into GST rates post-expiry. GST Council talks: The Finance Ministry supports integrating cess on luxury and sin goods like SUVs, tobacco, and aerated drinks. Eight-year journey: Introduced in 2017 to compensate …
Read MoreSYLLABUS: GS 2: Government policies and interventions for development in various sectors and issues arising out of their design and implementation. Focus: Talks of reintroduction of inheritance tax as a part of political conversation in the present Lok Sabha election cycle is catching up. Understanding Inheritance Tax Nature of Tax: Inheritance tax is imposed on …
Read MoreSyllabus: GS 3: Indian Economy and issues . Taxation and Tax reforms Government Budgeting Policy Transformation Why in the News? Recent tax data revealing a surge in personal income tax collections and a decline in corporate tax revenues have sparked discussions on India’s tax system’s fairness and effectiveness. The shift towards greater reliance on personal …
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