Question

    Recently what is the provisional gross direct tax

    collections for Financial Year 2023 stood at ______ trillion?
    A Rs 3.25 Correct Answer Incorrect Answer
    B Rs 4.40 Correct Answer Incorrect Answer
    C Rs 5.55 Correct Answer Incorrect Answer
    D Rs 6.48 Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    The provisional gross direct tax collections for FY23 stood at Rs 6.48 trillion, which is 35.5 percent higher than the same period last year. Direct tax collections, net of refunds, stand at Rs 5.29 trillion, which is 30.2 percent higher than the net collections for the corresponding period of last year adding that this was 37.2 % of the net direct tax Budget Estimate for FY23. According to the government data, refunds amounting to Rs 1.19 trillion have been this fiscal year are 65.3 % higher than the refunds issued for the same period in FY22. Direct taxes are one type of taxes an individual pays that are paid straight or directly to the government, such as income tax, poll tax, land tax, and personal property tax. Such direct taxes are computed based on the ability of the taxpayer to pay, which means that the higher their capability of paying is, the higher their taxes are.

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