Finance minister P Chidambaram and petroleum minister Murli Deora are considering an additional tax to pay for the government subsidy of petrol and diesel, according to the Financial Express of 27th May. “Each percentage rise in the income and corporate tax rates would yield around Rs 3,500 crore, so a 3-5% cess would yield anywhere between Rs 10,500 crore and Rs 17,500 crore.”
The Acorn recommends “that taxpayers line up in large numbers and vote against the simians making economic policy.” I concur. I have always maintained that India is ruled by monkeys.
Continue reading “The Fuel Subsidy Cess”