By what percentage has India's gross direct tax collection increased as of October 2023?

Solution

India's gross direct tax collection increased by 17.95 per cent on the year to Rs 11.07 lakh crore as of October 2023 Net collections stood at Rs. 9.57 lakh crore, 21.82 per cent higher than net collections for the comparable period of last year As far as Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections are concerned, the growth rate for CIT is 7.30 per cent while that for PIT is about 29 per cent Direct tax is a type of tax where the incidence and impact of taxation fall on the same entity.In the case of direct tax, the burden can’t be shifted by the taxpayer to someone else. These are largely taxes on income or wealth. Income tax, corporation tax, property tax, inheritance tax and gift tax are examples of direct tax Corporate Income Tax - The income-tax paid by domestic companies, and foreign companies on their income in India is corporate income-tax (CIT). The CIT is at a specific rate as prescribed by the income tax act subject to the changes in the rates in the union budget every year.Personal Income Tax-The income-tax paid by the individual taxpayers is the personal income tax. Individuals get taxed on the basis of tax slabs at different rates