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%.
According to recent news, the net direct tax receipts in India have increased by 11.2%. Here are some of the key points about the increase:
  • 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.
Overall, the increase in net direct tax receipts is an encouraging sign for the Indian economy and the government's efforts to improve tax compliance and increase transparency appear to be paying off.
Answered a year ago
Amrita Preparing for Civil Services