To reduce dependence on oil as a revenue source, Union Minister Arun Jaitley today urged citizens to pay their due share of taxes “honestly”. He virtually ruled out any cut in excise duty on petrol and diesel saying it could prove to be counter-productive.
Commenting on India’s taxation record, he further said that while salaried class pay their due share of taxes, “most other sections” have to improve their tax payment record, which is keeping India “far from being a tax-compliant society”.
“My earnest appeal, therefore, to political leaders and opinion makers …would be that evasion in the non-oil tax category must be stopped and, if people pay their taxes honestly, the high dependence on oil products for taxation eventually comes down. In the medium and long run, upsetting the fiscal maths can prove counter-productive,” Jaitley said. Read More
Latest posts by The Economic Times (see all)
- OPEC chief says Iran still ‘very important’ as US sanctions loom - September 18, 2018
- L&T wins contracts worth Rs 2,048 crore - September 18, 2018
- Nagpur: Electrical department’s favours to contractor exposed - September 18, 2018