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Taxation Trends in India UPSC NOTE

 Trends

  • Finance Ministry released provisional data that showed an uptick in net tax collections

  • This is mostly driven by an increase in personal income tax and securities transaction tax collections. 

  • On the other hand, net corporate tax collections have reduced marginally. 

  • The data also show that revenues from personal income tax and securities transaction tax grew at almost double the pace compared to revenues from corporate tax last year.

Concerns

  • The share of corporate tax has been on a decreasing trend, while that of personal income tax has been increasing

  • As of February 2024, the gap between the two tax shares further increased, with income tax forming 28% of the gross tax — a new peak. 

  • The sharp fall in corporate tax after FY19 can be attributed to the deep corporate tax cuts introduced by the Bharatiya Janata Party-led government in September 2019

Trends

  • The data also show that the share of direct taxes has been decreasing, while that of indirect taxes has been increasing

  • Direct taxes, which include taxes levied directly on the incomes of corporations and individuals, are said to be “progressive” because those who earn less are taxed less and vice-versa. 

  • On the other hand, indirect taxes, which include union excise duties and the Goods and Services Tax, are considered “regressive” as all consumers, regardless of their income levels, pay the same amount.

Trends

  • The share of indirect taxes, which had been falling steadily since the 1980s, has increased in the past decade. 

  • On the other hand, the share of direct taxes, which had been increasing, has consistently recorded a downturn in recent years

Comparison

  • A comparison with BRICS economies, for which data are available, shows that the effective personal income tax rate in India is among the highest 

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Taxation Trends in India UPSC NOTE
Taxation Trends in India UPSC NOTE
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