Be prepared to pay more tax next year. The Fifteenth Finance Commission (FFC) chaired by NK Singh may suggest a cess on direct taxes for a non-lapsable national defence fund.
ET learns from multiple sources that the FFC, which is scheduled to submit by the end of October its report and recommendation on how union and state governments should share tax revenues for five years beginning 2021, is likely to suggest monetisation of land and sequestering a portion of import duties for the fun Read more…
