Staring at revenue shortfall, I-T dept sends tax notices to mutual funds

Income Tax, tax

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Tax Collection

Graph

Tax collection beats revised estimates, grows 18% YoY

Direct tax collection up 15.12%, indirect tax up 26.2% in April-November

Rupee, Cash, Money

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	In order to garner income for the government to finance social projects, tax is collected from individuals and corporations via direct tax and indirect tax. These two tax collections form the government&#39;s revenue.</div>
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	Revenue receipts can be of two types &mdash; non-tax revenue and tax revenue. Tax revenue is the income gained by the government through taxation.</div>
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	Tax revenue forms a part of the Receipt Budget, which in turn is part of the Annual Financial Statement of the Union Budget. Union Budget keeps the account of the government&#39;s finances for the fiscal year that runs from April 1 to March 31. Union Budget is classified into Revenue Budget and Capital Budget.</div>

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	Tax revenue is the result of the application of a tax rate to a tax base. Total tax revenue as a percentage of GDP indicates the share of the country&#39;s output collected by the government through taxes. Tax revenue can be regarded as one measure of the degree to which the government controls the economy&#39;s resources.</div>
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	Taxes collected from both direct tax and indirect tax are the government&rsquo;s tax revenue. It includes collections from income tax, corporation tax, customs, wealth tax, tax on land revenue, etc.</div>
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	Direct tax is the tax that is paid directly to the government by the person or company on whom it is levied. Income tax, wealth tax, corporation tax, and property tax are some examples of direct tax.</div>
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	Indirect taxes are those that are collected by intermediaries from individuals and corporations who bear the burden of the tax and passed on to the government. Goods and Services Tax (GST) is an example of indirect tax. Corporation tax forms a large chunk of the government&rsquo;s tax revenue.</div>

Tax Collection - Know all about tax collection in India, revenue model of India, various types of taxes enforced in india, revenue recipts, GST, budget, direct and indirect taxes with business-standard.com

Page 10 - Latest Updates on Tax Collection

Staring at revenue shortfall, I-T dept sends tax notices to mutual funds

Net direct tax collection grows 15.7% to Rs 4.89 trillion, says CBDT

Tax collection beats expectation, up 18%

Direct tax collection up 15.12%, indirect tax up 26.2% in April-November

Apr-Oct indirect tax mop-up grows 26.7%, direct tax 10.6%

Tax collection in Tamil Nadu increases by 7.52%

Tax collection estimate for FY16 crossed