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DIRECT TAXATION (Reasons for increase in Direct Tax collection (Government…
DIRECT TAXATION
Reasons for increase in Direct Tax collection
Growing Economy
Goods and Service Tax
Use of Digital platform
Hassle Free Refund
Demonetisation
Government Initiatives
Income Declaration Scheme
Aaykar Setu
Project Insight
linking Aadhar to Permanent Account Number (PAN)
Significance of Direct tax collection
High Tax buoyancy
Fiscal Health
Maintaining Inflationary Trends
Lower Indirect tax
Trends of Direct Tax collection
growth of more than 80% in the number of returns filed in the last four financial years
number of persons filing income tax returns also increased by about 65% during period from 2014-2018
Direct Tax-GDP ratio rose to 5.98% in FY 2017-18, which is highest in the last 10 years. a sign of improvement of Tax-Buoyancy in the economy