The Hindu Editorial Analysis : 13th January 2024

The Hindu Editorial Analysis

The Importance of Reading The Hindu Editorial: Reading The Hindu newspaper has several benefits, including improving reading skills, facilitating comprehension, staying informed of current events, enhancing essay writing, and more. For individuals aiming for a career in banking, reading editorials is crucial for vocabulary building. In this article, we will examine today’s editorials, provide practice questions, and highlight important vocabulary words.

Robust direct tax collection: room for more Reforms

• With the evident strong performance of the direct tax collections in this fiscal year, now a quarter left in the financial year 2023-24, the government has achieved around 81% of its direct tax collection target for the financial year 2023-24.
• In the budget estimates the target of direct tax collection for 2023-24 is 17.2 lakh crore and the economy has stood at 14.7 lakh crore direct tax inflows net of refund as on 10th January 2024 which showcases the optimistic growth in this particular segment.
• 7 lakh crore direct tax collections in this fiscal year 2023-24,till the 10th January 2024, are 19.4 percent higher than a year ago.
• Many economists believe after witnessing the robust growth in direct tax collection that this year direct tax collection may cross the budget estimates target of 17.2 lakh crore by around one lakh crore if not more than that.
• Economists also believe that full year growth of direct tax collection may be around 18 percent.
• Overall revenue in this fiscal year is likely going to overpower the budget estimates.
• Corporate taxes in this fiscal year till now have seen a growth of 12.4 percent and on the other hand the revenues generated from the personal income taxes have grown 27.3 percent.
• Apart from that the income tax returns filed in this fiscal year were a record high at 8.2 crore by 31st December 2023.
• The government’s fiscal consolidation hopes are going forward after witnessing a healthy and positive uptick in the direct tax regime and optimistic revenue.
• The fiscal deficit target for this fiscal year is 5.9 percent of GDP and the positive chances are high that it may be missed by a very small margin.
• The position of the direct tax collections offers a room for the government to bring more Reforms in this sector majorly to simplify the process of direct tax for corporates as well as for individuals.

Important Questions:

1. The direct tax collection in this fiscal year 2023-24 is on the high side. What is your point of view on it?
2. What should be the government’s approach to simplify the process of tax collection from the corporations in India?

Important vocabs:

• Prescribed– to say what treatment or medicine somebody should have.
• Barred– to close something with bars.
• Evoked– to produce memory,feeling etc. in somebody.
• Apex– highest part of something.

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