TAX COLLECTION

In order to garner income for the government to finance social projects, tax is collected from individuals and corporations via direct tax and indirect tax. These two tax collections form the government's revenue.
 
Revenue receipts can be of two types — non-tax revenue and tax revenue. Tax revenue is the income gained by the government through taxation.
 
Tax revenue forms a part of the Receipt Budget, which in turn is part of the Annual Financial Statement of the Union Budget. Union Budget keeps the account of the government's finances for the fiscal year that runs from April 1 to March 31. Union Budget is classified into Revenue Budget and Capital Budget.

LATEST UPDATES ON TAX COLLECTION