How India – Our Government Treasury Gets Its Money…
Different taxes and fees are critical and the main source for income or revenue for the central government.
So from where and how does it gets its money:
1) Income Taxes generates over 23% – of the countries 120+ crore population, only 2 crore returns are filed and around 1.5 crore pay any taxes of, but these are going up;
2) Corporates pay around 28% of the total taxes and this has gone down due to lowering of tax rates;
3) Customs duty brings in around 13%;
4) Excise duties bring in over 21%; and
5) Alcohol, Tobacco taxes and other duties bring in the rest.
So let us remember that paying taxes is really important to have a functional government and a country that is advancing in so many areas.
Source: The Hindu
- 2 Feb 2018