Consider the following statements regarding the economic terminologies used in Later Vedic fiscal administrative layers:
1. Bhaga represented the institutionalized regular share of agricultural grain produce owed directly to the territorial monarch.
2. Shulka denoted specialized toll duties or commercial transshipment taxes levied heavily on internal traders at marketplace borders.
Which of the statements given above is/are correct?

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Accepted Answer

Both statements are correct. Later Vedic public finance evolved past the voluntary gifts of the Rigveda. As kingdoms stabilized, Bhaga became a fixed legal tax on agricultural yield. Simultaneously, Shulka emerged as an early duty collected by border or ferry controllers, highlighting the multi-tier expansion of early state revenues.

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