I love when they show the boom mic in the behind the scenes of the film (which happens during the film) it really made you aware of this society we live in as it takes you out of the film and it reminds you that you are just the audience takin a glimpse into this written world.
India has a federal form of government, and hence a federal finance system. The essence of federal form of government is that the Centre and the State Governments should be independent of each other in their respective, constitutionally demarcated spheres of Action. Once the fundamentals of the government are spelt out, it becomes equally important that each of the government should be provided with sources of raising adequate revenues to discharge the functions entrusted to it. For the successful operation of the federal form of government financial independence and adequacy for the backbone.
Sales taxes are most important revenue for the state sin India. While the taxes vary in their design, they are generally levied in the first point…show more content…
List III is a concurrent List, which includes administration of justice, economic and social planning, trade and commerce, etc. According to Article 246, Seventh Schedule, Parliament has exclusive powers to make laws regarding matters enumerated in List I, not withstanding the provisions of the other clauses of this Article. On the other hand, the Legislature of any state has exclusive power to make laws for the state regarding any of the matters enumerated in List II, subject to other clauses. With regard to List III, both the Parliament and a State Legislature can make laws but the law listed in I or III, vests with the Union. Thus, the Union has supremacy over a wide range of the legislative field. These lists include the powers of taxation also. The union List includes among others, taxes on income other than agricultural income, excise duties, customs and corporation tax. The State list includes land revenue, excise on Alcoholic liquors, tax on agricultural incomes, estate duty, taxes on sale or purchase of goods, taxes on vehicles, on professions, on luxuries, on entertainment, on stamp duties, etc. the concurrent list does not include any important taxes.