SHANKAR IAS ACADEMY

A Look At Tax Collections What is the issue? Widening tax net and increased tax collections are achievements of the recent government initiatives. However, declining non-individual returns and rising cost of collections call for a closer examination. What are the recent developments? Various policy measures have ensured bringing more people under the  direct tax net  in the recent past. The number of  tax returns  filed recently went up by about 24.6 per cent. The latest  direct tax collections  were marginally higher than that presented in the Revised Estimates in the last Budget. Personal income tax  collections rose by 21 %, compared to 8% in the previous year. Corporation tax  collections rose by 7%, compared to 6% in the previous year. Indirect tax  net is also getting wider because of a rise in the number of entities getting registered under the goods and services tax (GST). ( More than 800 of our students are IAS...