Chennai: The surcharges levied by the government upon different taxes tripled in the past two years to a total of Rs 1.39 lakh crore in FY24 against Rs 40,758 crore in FY22. Of the surcharge revenue received in FY24, that from corporate tax accounted for Rs 59,000 crore and that from income taxes other than corporate tax stood at Rs …
These are tumultuous times, with the resurgence of farmer unrest. It is better to adjust the target in that manner, so that the reported gross tax revenue can be directly used thereafter to compare the percentage states actually got with the adjusted target. In FY23, states received in aggregate ₹9.5 trillion as their tax share, which was 31.1% of the …
Ever since the start of the Fourteenth Finance Commission award period, the Union government has been reducing financial transfers to States. Some basic math on tax revenue The Finance Commissions recommend the States’ share in the net tax revenue of the Union government. While the gross tax revenue of the Union government increased from ₹14.6 lakh crore in 2015-16 to …
Nearly two weeks ago, Chief Ministers expressed their concern about dwindling State revenues in a NITI Aayog meeting chaired by the Prime Minister. According to the 15th Finance Commission’s report, in FY19, the Union government raised 62.7% of the total resources raised by the Union government and States, while States had borne 62.4% of the aggregate expenditure. Chart 1 shows …
