Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: TDS :: empanelment :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: due date for vat payment :: VAT Audit :: Central Excise rule to resale the machines to a new company :: form 3cd :: ACCOUNTING STANDARDS
Direct Tax »
 Filing your return may not mean the end of tax issues
 Filing tax return before March 31? Here is what you should do and what not
 CBDT invites suggestions to draft new Direct Tax Law
 Deadline For Income Tax Returns Filing Only 12 Days Away. 10 Points
 Income Tax: E-assessment ensures greater efficiency in the taxation system
 10 Points Deadline For Income Tax Returns Filing Only 2 Weeks Away.
 Income tax returns (ITR) filing: A step by step guide to check your ITR status online and offline
 How to save tax; amazing tips to make your money stay in your wallet Income tax returns (ITR) filing
 Want to save tax? Here are the best options
 Suggestion For Option To Assessee For Higher And Lower TDS/TCS For Optimization Of Tax Collection And Refunds
 CBDT to conduct nationwide review of tax collection for FY18 today

Direct Tax share in economy at decade low
April, 29th 2016

Corporate tax collections have risen nearly 12-fold in last 15 years and personal income tax 9 fold but share of direct taxes in the economy has fallen to almost a decade low of 5.47 per cent, according to direct tax data published by the government today.

There was not much differential between corporate tax collections and personal income tax collections in 2000-01. While corporate tax collections that year stood at Rs 35,696 crore, personal income tax collections were Rs 31,764 crore.

In 15 years, corporate tax collections have risen 12-fold to Rs 4,54,419 crore in 2015-16 and is more than 58 per cent higher than Rs 2,86,801 crore income tax collections.

After including other direct taxes, total direct tax collections were Rs 68,305 crore in 2000-01 which have risen to Rs 7,42,295 crore in 2015-16.

Prime Minister Narendra Modi took to the twitter to say it was a "landmark" decision to publish income tax data. "It is a big step towards transparency & informed policy making."

"Am sure this data will be used by researchers and analysts and lead to enhanced insights for policy making on taxation," he said.

The data showed 2.9 crore Indians filed income tax returns and the largest group of tax payers earned an average of Rs 6,94,000 while just six people declared an average income of Rs 68.72 crore in 2012-13 as per the latest data.

Share of direct taxes to GDP touched a peak of 6.3 per cent in 2007-08 and has since declined to 5.47 per cent in 2015-16. It was 3.25 per cent in 2000-01.

Maharashtra contributes the biggest share of direct taxes at Rs 2.77 lakh crore in 2014-15 when total collections were Rs 6.96 lakh crore.

Delhi was second biggest contributor at Rs 91,247.90 crore while Karnataka was third at Rs 60,595.22 crore. Modi's home state Gujarat gave Rs 35,912.46 crore of taxes, behind Tamil Nadu's Rs 44,732.62 crore.

State wise data for 2015-16 was not available.

Direct taxes made up for 36.31 per cent of the total taxes in 2000-01. This ratio has risen to 51.05 per cent in 2015-16. The ratio of direct taxes to total taxes in 2015-16 is the lowest in past 9 years with a peak of 60.78 per cent being hit in 2009-10. The ratio was 52.97 per cent in 2007-08 and over 56 per cent in 2013-14 and 2014-15.

Indirect tax collections have risen from Rs 1.2 lakh crore in 2000-01 to Rs 7.12 lakh crore in 2015-16. Total tax collection in 2015-16 was Rs 14.54 lakh crore as against Rs 1.88 lakh crore in 2000-01.

Cost of tax collection has however gone down from 1.36 per cent to 0.62 per cent. In absolute terms the spending on collection of taxes has however risen from Rs 929 crore to Rs 4,593 crore during the period.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Portfolio

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions