India’s Mukherjee says share of direct taxes to reach 12% of GDP
29 May 2012
Matthew Gilleard - ITR
India’s finance minister, Pranab Mukherjee, has said that the share of direct tax should be 12% of the country’s GDP, and that it will soon reach that point.
“The share of direct tax in the overall tax basket of the country has increased considerably. Soon it will be 12% of our GDP at constant price and not current price,” said Mukherjee. “The target for direct tax collection in 2012-13 has been set at Rs5.7 lakh crore ($1 trillion).”
In fiscal year 2012, India realised direct tax revenues of around Rs5 lakh crore.
“Direct taxes are the most efficient and non-inflationary, but they do...
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