Personal Income Tax Collection Overtate Corporate Tax Overtate: Report

According to a report by the JM Financial Institutional Securities, the personal income tax collection has for the first time in India’s history.

The share of the total tax personal income tax in the financial income of direct taxes has increased from 38.5 per cent to 53..4 percent.

India’s direct tax compliance has changed in the last decade. In the financial year, the number of personal income tax return filer has increased by 30.5 million to 7.7.7.7.7 million in the financial year. The taxpayers’ support came from about 53.8 million to 99.2 million while the tax payment was included by TDS without paying the return.

This growth has been strongly compliant. The tax deducted in the Source (TDS) collection is 2 in 14. The trilian doubled from the rupees and in the financial year. TD and advance tax payments are now more than half of the total direct tax.

The introduction of Goods and Services Tax (GST) in १ In Ink has strengthened the direct tax compliance by the currency-rhetoric and data consolidation. The number of active GST taxpayers went from 5 in 8 to 5 million to 524 to 5.7.7 million and formalized businesses that were not previously registered. This digital trail has allowed the tax authorities to declare income and prevent tax money.

Increasing announcements have also increased personal income tax collections, which were 9.8 trillion in the financial year to 35.2 trillion in the financial year 23, which was 15 percent CAGR. During the same period, personal tax collection has increased from Rs 1.4 trillion to Rs.3..3 trillion to GDP ratio. However, in the developed economies, the income tax is paid only by only 9.9 percent of the population of India.