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Tax collection trends UPSC NOTE

 

  • Direct tax collections made a brisk start in the first quarter of 2024-25, with net taxes rising 21% to almost ₹4.63 lakh crore by June 17, from ₹3.82 lakh crore over the same period a year earlier, the Finance Ministry 

  • Personal Income Tax (PIT) and Securities Transaction Tax (STT) inflows continued to dominate the tax pie, contributing 60.7% of the direct taxes, while corporate taxes (CIT) yielded a smaller share of 39.1%

  • Gross CIT collections were ₹2.26 lakh crore and PIT, STT receipts stood at ₹2.88 lakh crore. 

  • In FY24, net direct tax collections rose 17.7% to hit ₹19.58 lakh crore, with PIT’s share rising to 53.3% from 50.1% in the previous year while CIT’s contribution declined to 46.5% from 49.6%

  • Prior to refunds, the gross direct tax collections had risen 22.2% to about ₹5.16 lakh crore by June 17, compared with ₹4.22 lakh crore at the same time last year. 

  • Among minor heads for tax receipts, Tax Deducted at Source (TDS) yielded ₹3,24,787 crore.


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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Tax collection trends UPSC NOTE
Tax collection trends UPSC NOTE
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