GST was rolled out on July 1, 2017 heralding the start of 'One Nation, One Tax, One Market'. It subsumed at least 16 indirect taxes and cesses that previously existed in India, administered separately by the Centre and states, resulting in a greatly rationalised taxation structure.
Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024-25 on Tuesday. Key expectations include populist measures to boost the rural economy and create jobs.
The government had raised the target for direct tax collection in FY24 (April 2023 to March 2024) to Rs 19.45 lakh crore in the interim Budget presented on February 1.
Finance Minister Nirmala Sitharaman highlighted the doubling of the GST taxpayer base and monthly revenues since its launch in her budget speech.
Gross collections in corporate income tax (CIT) and personal income tax (PIT) grew 17.7 per cent and 18.3 per cent, respectively.
New Delhi: As government looks at ways to analyse huge amounts data available on corporate as well as individuals to increase tax collections by studying various parameters like spending patterns, IT companies expect strong growth
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