Indian Economy : Revenue

 

The Department of Revenue exercises control in respect of revenue matters relating to direct and indirect Union taxes through two statutory boards, namely, Central Board of Direct Taxes and the Central Board of Excise and Customs. This Department is also entrusted with the administration and enforcement of controls and regulatory measures provided in the enactments concerning Central sales tax, stamp duties, gold control, foreign exchange and other relevant fiscal statutes. Control over production and disposal of opium and its products is also vested with this Department.

 DIRECT TAXES : The Income Tax Department administers a number of Direct Tax Acts, namely, the Income Tax Act, 1961, the Wealth Tax Act, 1957, the Gift Tax Act, 1958, Interest Tax Act, 1974 and the Expenditure Tax Act, 1987.

 INDIRECT TAXES : Customs and Union Excise duties are two major sources of indirect taxes. The revenue from customs duty was Rs. 104119 crore during 2007-08. The revenue from customs duty was Rs. 86327 crore during 2006-07. The revenue from Union Excise duty (excluding cases adminstered by other departments) was Rs. 117613 crore during 2006-07 and Rs. 123611 crore during 2007-08. Service Tax contributed Rs. 51301 during 2007-08 . Revenue from Service tax was Rs. 37598 crore during 2006-07.

VALUE ADDED TAX : Introduction of State level VAT is the most significant tax reforms measure at state level. The state level VAT being implemented presently is to replace the existing state tax system of the states. The decision to implement state level VAT was taken in the meeting of the Empowered Committee (EC) of state finance minister held on 18 June 2004, where a broad consensus arrive at amongst the states to introduce VAT from 1 April 2005. Accordingly VAT has been introduced by 23 States/Uts. Later on in 2006 BJP ruled states also implemented VAT. Now, it has been implemented in Uttar Pradesh.

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