“THE HARDEST THING IN THE WORLD IS TO UNDERSTAND TAX” – LEARN MORE ABOUT INDIRECT TAX WITH MONEYMINDZ
“One thing is clear: The Founding Fathers never intended a nation where citizens would pay nearly half of everything they earn to the government.” ― Ron Paul
Death, taxes and childbirth –There is never any convenient time for any of them. But being an Indian citizen, we have to be responsible to tax paying for our welfare. Government take half of our money what we earn in terms of tax. But does that mean we should stop paying tax. Let us not think about tax, think we are helping our country for a step forward.India’s collection of tax continued to grow salubriously in January with an indication that the government is on a route to achieve its revised tax target for the current fiscal. The government’s net indirect tax collections grew by 16.9% year on year in January, with customs, central excise and service tax collections growing 10.1%, 26.3% and 9.4%, respectively, statement from the ministry cabinet which was expressed on Friday.
Net indirect tax collections (NDC) in the first 10 months of this fiscal stood at Rs. 7.03 lakh crore, a whopping 23.9% more than the net collections in last year.
The government has targeted gross tax revenues of Rs 17.03 lakh crore for 2016-17. Direct tax collections for the current fiscal up to January have grown 10.8% year on year at Rs 5.82 lakh crore. Corporate income tax grew by 11.7%, while personal income tax by 21.0%.
However, after the refunds are adjusted, the net growth in corporate income tax collections in the first 10 months of the fiscal is 2.9% while net personal income tax collections have grown to 23.1%.
Refunds amounting to Rs 1.41 lakh crore have been issued during April 2016-January 2017, which is 41% higher than the refunds issued during the corresponding period last year.
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