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    Question

    According to the government figures, Direct Tax

    collection this year stood at ____ per cent higher than the net collections year-on-year (YoY)?
    A 25.71 Correct Answer Incorrect Answer
    B 28.75 Correct Answer Incorrect Answer
    C 29.55 Correct Answer Incorrect Answer
    D 30.54 Correct Answer Incorrect Answer
    E 32.63 Correct Answer Incorrect Answer

    Solution

    According to the government figures,the gross collections came at Rs 10.54 trillion, up 30.69 per cent than the gross collections for the corresponding period of last year. Direct Tax collection, net of refunds, stood at Rs 8.71 trillion, which is 25.71 per cent higher than the net collections year-on-year (YoY). According to the government, this collection is 61.31 per cent of the total Budget Estimates of Direct Taxes for FY23. The Corporate Income Tax (CIT) gross revenue collections came in at 22.03 per cent, while that for Personal Income Tax (PIT) including Securities Transaction Tax (STT), came at 40.64 per cent. After adjustment of refunds, the net growth in CIT collections was 24.51 per cent and that in PIT collections is 28.06 per cent (PIT only) 27 per cent (PIT including STT). Learn Along: 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 Securities transaction tax (STT) is a tax levied at the time of purchase and sale of securities listed on stock exchanges in India.

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