What is the total money of income tax collected by government of india?
Answers
Tax revenue had been major point of the debate from last few years. It has noted that direct tax collection showed decline trend since 2009–10 percentage wise while in absolute terms, it got double fold.
As per 2015–16,
Direct tax collection - 7.42295 lakh crore
Indirect tax collection - 7.13185 lakh crore
Total Collection = Direct tax + Indirect tax = 14.55 lakh crore.
Noticeable part is the direct tax collection which constitute only 51% in our economy due to corruption and circulation of black money. This year we are hoping galloping rise in the direct tax collection due governments effort to promote Cashless Economy, Benami Transaction act and historic step demonetization. Indirect tax will also have steady rise by looking towards international oil prices.
Overall the tax collection will increase in this fiscal. As the economy grows tax revenue also grows over the period of time.