President Biden and Treasury Secretary Janet Yellen have proposed a massive wealth tax redistribution scheme, including taxes on unrealized gains, in their Fiscal Year 2025 proposal.
The Central government has collected ₹19.58 trillion in direct tax revenue in FY24 after adjusting for refunds, showing a 17.7% growth annually.
The gross corporate tax collection (provisional) in FY 2023-24 was up 13.06 per cent to Rs 11.32 lakh crore.
Direct tax revenues rose by 18 percent in 2023-24, while goods and services tax collections crossed Rs 20 lakh crore for the first time with a 12 percent growth. The government has been successful in plugging loopholes in the tax system, but needs to widen the tax net to bring more people under it. Personal income tax collection grew by 25 percent, exceeding corporate tax collections in absolute terms. The government should strive for higher collection through both personal income taxes and corporate taxes in the long run. Technology and measures like TCS and TDS have helped bring more people under the tax net, but efforts should not be overzealous.
India’s net direct tax collections grew 17.7% in 2023-24 to hit ₹19.58 lakh crore, with personal income taxes contributing 53.3% and corporate taxes contributing 46.5%. March saw the second-highest gross GST revenue of ₹1.78 lakh crore, lifting FY24 collections to ₹20.2 lakh crore. The gross direct tax kitty for 2023-24 stood at ₹23.37 lakh crore, exceeding the target by 97%. Refunds for tax made in 2023-24 rose 22.74% to ₹3.79 lakh crore.
India’s net direct tax collections for the fiscal year ended March 2024 surged by 17.7 per cent to Rs 19.58 crore, exceeding both Budget and revised estimates.
The government received over ₹19.58 lakh crore through direct taxes in fiscal year 2023-24, exceeding both budget estimates and revised estimates.
Canada is one of the wealthiest countries in the world. For generations, this has meant Canada is a place where everyone could secure a better future for themselves and their children. This is in no small part is due to our commitment to progressive taxation, investments in Canada’s strong social safety net, and an effective, … Read more
The text discusses the potential impact of corporate tax hikes on Canada’s productivity.
The text discusses economists’ expectations of tax increases in the federal budget announcement, with speculation that new taxes may target corporations and the wealthy. Lindsay Tedds, an economist at the University of Calgary, mentioned the need for revenue to bridge spending gaps. Finance Minister Chrystia Freeland confirmed that Canada’s deficit won’t increase in the upcoming budget. There is concern in the business community about potential windfall taxes on the oil and gas sector and grocery chains. The federal government has not revealed its strategy, but there is speculation about possible tax increases.