Related Research Articles
A fuel tax is an excise tax imposed on the sale of fuel. In most countries the fuel tax is imposed on fuels which are intended for transportation. Fuel tax receipts are often dedicated or hypothecated to transportation projects, in which case the fuel tax can be considered a user fee. In other countries, the fuel tax is a source of general revenue. Sometimes, a fuel tax is used as an ecotax, to promote ecological sustainability. Fuel taxes are often considered by government agencies such as the Internal Revenue Service as regressive taxes.
Octroi is a local tax collected on various articles brought into a district for consumption.
The Finance Commissions are commissions periodically constituted by the President of India under Article 280 of the Indian Constitution to define the financial relations between the central government of India and the individual state governments. The First Commission was established in 1951 under The Finance Commission Act, 1951. Fifteen Finance Commissions have been constituted since the promulgation of Indian Constitution in 1950. Individual commissions operate under the terms of reference which are different for every commission, and they define the terms of qualification, appointment and disqualification, the term, eligibility and powers of the Finance Commission. As per the constitution, the commission is appointed every five years and consists of a chairman and four other members.
The Ministry of Finance is a ministry within the Government of India concerned with the economy of India, serving as the Treasury of India. In particular, it concerns itself with taxation, financial legislation, financial institutions, capital markets, centre and state finances, and the Union Budget.
An excise, or excise tax, is any duty on manufactured goods that is normally levied at the moment of manufacture for internal consumption rather than at sale. It is therefore a fee that must be paid in order to consume certain products. Excises are often associated with customs duties, which are levied on pre-existing goods when they cross a designated border in a specific direction; customs are levied on goods that become taxable items at the border, while excise is levied on goods that came into existence inland.
Part XII of constitution of India is a compilation of laws pertaining to Finance, Property, Contracts and Suits for Republic of India.
The Road Fund was a British Government fund designated to pay for the building and maintenance of the United Kingdom road network. Its income came originally from Vehicle Excise Duty, until that ceased to be hypothecated for roads use in 1936, and then from government grants. It was created by the Roads Act 1920 and Finance Act 1920, and was wound up in the Miscellaneous Financial Provisions Act 1955.
The Gadgil formula is named after Dhananjay Ramchandra Gadgil, a social scientist and the first critic of Indian planning. It was evolved in 1969 for determining the allocation of central assistance for state plans in India. Gadgil formula was adopted for distribution of plan assistance during Fourth and Fifth Five Year Plans.
The Fifth Finance Commission of India was constituted by the President of India, Dr. Zakir Hussain, on 15 March 1968. The commission was chaired by Mahavir Tyagi.
The Tenth Finance Commission of India was incorporated in the year 1992 consisting of Shri Krishna Chandra Pant as the chairman.
The Eighth Finance Commission of India was constituted by the President of India, on 28 April 1984 under the chairmanship of Shri Y.B. Chavan.
The Fourth Finance Commission of India was constituted on 18 May 1964, under the chairmanship of Dr. P. V. Rajamannar.
The Eleventh Finance Commission of India was appointed by the President on 3 July 1998 for the period 2000-2005.
The Third Finance Commission of India was appointed in 1960, for the period 1960–64, by the President of India and was chaired by Shri A.K. Chanda.
The Twelfth Finance Commission of India was appointed on 1 November 2002 to make recommendations on the distribution of net proceeds of sharable taxes between union and states. The commission was headed by veteran economist of India, C. Rangarajan. The commission submitted its report on 30 November 2004 and covered the period from 2005-10.
Section 90 of the Constitution of Australia prohibits the States from imposing customs duties and excise duties. The section bars the States from imposing any tax that would be considered to be of a customs or excise nature. While customs duties are easy to determine, the status of excise, as summarised in Ha v New South Wales, is that it consists of "taxes on the production, manufacture, sale or distribution of goods, whether of foreign or domestic origin." This effectively means that States are unable to impose sales taxes.
The Second Finance Commission of India was constituted by president Rajendra Prasad on 1 June 1956.
The Ninth Finance Commission of India was set up in June 1987 under the chairmanship of Mr. N.K.P Salve.
The Thirteenth Finance Commission of India was constituted by the President of India under the chairmanship of Vijay L. Kelkar on 13 November 2007.
The Fourteenth Finance Commission of India was a finance commission constituted on 2 January 2013. The commission's chairman was former Reserve Bank of India governor Y. V. Reddy and its members were Sushma Nath, M. Govinda Rao, Abhijit Sen, Sudipto Mundle, and AN Jha. The recommendations of the commission entered force in April 2015; they take effect for a five-year period from that date.
References
- ↑ "Members of the previous Finance Commissions: First Finance Commission". Fourteenth Finance Commission. Retrieved 22 July 2017.
