Indirect tax has increased by more than 50 percent..!?

The central government has been showing seriousness in tax collection since the beginning and there has been a huge growth in indirect tax. Everyone knows that the entire financial year 2020-21 has been affected by the coronavirus. But it is during this period that indirect tax collection has grown to a great extent. More than 50 percent of the total tax collection of the government has been collected in the indirect tax category.
The central government collects taxes in two categories, Direct Tax - corporate Tax is tax paid by companies based on income and Personal Income Tax. Indirect tax - This includes customs duty, excise duty, and GST paid by the rich to the poor people of the country. In this situation, looking at the tax collection metrics of the central government, the indirect tax collection has increased tremendously in the total tax collection of the central government in the last few years. The main reason for this is the increase in taxes on petrol and diesel.From 2014-15, the central government has been managing the data of tax collection in the petroleum sector. In this situation, the central government has collected a total of 12.5 lakh crore rupees in tax. Of this, 6.9 lakh direct tax collection is 55.2 percent of the total tax, and the remaining 5.5 lakh crore indirect tax is 44.4 percent of the total tax. Since 2014-15, the corporate tax collection has been continuously decreasing in the central government's tax collection. The corporate tax collection share has declined to 22.6 percent in 2020-21 from 34.5 percent in 2014-15. Income tax collection has increased from 20.8 percent to 24 percent during the same period.Similarly, while looking at indirect tax, indirect tax has increased from 44.4 percent in 2014-15 to 53.1 percent in 2020-21 in the total tax collection of the central government. Although it will come down to 50 percent in 2021-22, it has not decreased from the 2014-15 level. In the indirect tax category, the tax collection on petroleum products was Rs 1.3 lakh crore in 2014-15. This is 22.8 percent of the total indirect tax collection. This has increased to 39 percent in 2020-21.Through this, the central government has seen excess income through a tax on petroleum products in the last 7 years. It is worth noting that the loss of corporate tax collection has been offset by tax collection on petroleum products.

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indirect tax

Sowmiya Sriram

13/10/2022 05:14 PM