Which tax is largest source of revenue in India?

Direct taxes (personal income tax and corporate tax) accounted for 51.3% of total revenues in 2016-17 and the rest came from indirect taxes. In 2020-21, the figure stood at 56.4%, corporate tax at 28.1% and personal income tax at 28.3%.

Who is the father of GST in India?

Atal Bihari Vajpayee
Prime Minister Narendra Modi launched GST into operation on the midnight of 1 July 2017. But GST was almost two decades in the making since the concept was first proposed under the Atal Bihari Vajpayee government.

Which is the biggest source of revenue in India?

Updated: 08 Jul 2019, 08:31 AM IST Ronojoy Mazumdar, Bloomberg Mumbai: Revenue from corporate tax in India will likely overtake collections from a consumption levy in the current financial year to become the top contributor to the nation’s coffers, according to the budget for the year ending March 31.

How many income tax payers are there in India?

This statistic shows the number of income tax payers across India in the fiscal year of 2013-14, broken down by income range. For instance, about 13.9 million tax payers earned between 250,000 and 500,000 Indian rupees annually, while 2.4 million tax payers made over one million in a year.

What was the budget deficit for 2013-14 in India?

Fiscal Deficit for 2013-14 is pegged at 4.8 percent of GDP. The Revenue Deficit will be 3.3 percent for the same period. On oil and gas exploration policy, the Budget proposes to move from the present profit sharing mechanism to revenue sharing. Natural gas pricing policy will be reviewed.

What is the total expenditure of the government in India?

Total expenditure, including resources of state-run companies, for the fiscal year to March is estimated at 33.2 trillion rupees, compared with 34 trillion rupees forecast in February’s interim plan. Four things to keep in mind while filing income tax ret …. Rakesh Jhunjhunwala portfolio: Experts give ‘buy’ tag t ….