digital payments

Rising Share of Personal Income Tax and Indirect Tax

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Rising Share of Personal Income Tax and Indirect Tax

– The collection of personal income tax and indirect taxes has increased, while collections from corporate taxes have reduced.
– India’s net direct tax collections grew 17.7% in 2023-24 to hit Rs.19.58 lakh crores.
– The share of corporate taxes contribution to overall tax collection dipped to 46.5% from 49.6% in 2022-23.
– Indirect taxes, including union excise duties and the Goods and Services Tax, have increased from 2010-11 onwards.
– The majority of individuals filing personal income tax have an annual income ranging from Rs 1 lakh to Rs. 5 lakh.
– India has among the highest effective personal income tax rates among BRICS economies.
– Rising share of personal income tax and indirect taxes can lead to income inequality, consumer burden, economic inefficiency, tax evasion, and macroeconomic instability.

Once burnt, investors curb enthusiasm for India, ’s startups

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Once burnt, investors curb enthusiasm for India, ’s startups

Fact: India’s startups raised about 0 million in January and February, signaling a slow year after a six-year low of just billion in 2023.

Fintechs double in 5 years to 30,000; turnover tops $16 trln

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Fintechs double in 5 years to 30,000; turnover tops $16 trln

The total transaction value in the fintech market reached nearly trillion last year and is expected to reach trillion this year. The number of fintech companies has doubled in the past five years, reaching almost 30,000 in 2024. North America has the highest number of fintech companies, followed by the EMEA region and Asia and the Pacific. Europe, the Middle East, and Africa have experienced the largest growth in the number of fintech companies in the past five years. Approximately 5.3 billion people, or 65% of the world’s population, are projected to use fintech products and services this year. Digital payments are expected to have 3.56 billion users in 2024.