Personal Taxes

A have a look at the explanations behind the heavy revenue tax assortment within the first quarter

The tax collection by the central government reached a record high in the April-June quarter (Q1) of the current financial year. The gross tax revenue was 5.36 trillion rupees and could well reach 11 percent of gross domestic product if we assume that nominal GDP grew 24 percent in the first quarter.

This is the highest ever. Tax revenues from all sources rose sharply in the first quarter, according to preliminary accounts from the Ministry of Finance. While the rise in excise taxes during times of rising demand is due to keeping fuel taxes high, good corporate tax levies are …

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First published: Wed, August 18, 2021. 10:14 p.m. IST

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