What is the percentage increase in net direct tax receipts in India
According to recent news, the net direct tax receipts in India have increased by 11.2%.
- The net direct tax receipts for the fiscal year 2020-21 were INR 9.45 lakh crore, which is an increase of 11.2% from the previous fiscal year.
- The increase in tax collection is a positive sign for India's economy, which has been impacted by the pandemic.
- The government's efforts to widen the tax base, improve compliance, and increase transparency have been effective.
- The sharp increase in tax receipts is largely attributed to a rise in corporate tax collections, which increased by 27.2%.
- The personal income tax collection, on the other hand, declined by 4.6%.
- The increased tax collection is likely to provide some relief to the government, which has been facing revenue shortfalls due to the pandemic.
- The government has been emphasizing the importance of tax compliance and has taken steps to address tax evasion.
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