Case Study _ Government Budget _Class 12_MCRO Economics

 

Class 12
Macro Economics
Chapter Government Budget

Note - The case study can also be studied under statistics analysis

The income tax department had collected Rs 9.51 lakh crore during the same period a year ago.

Net direct tax collection grew 18.3 percent to about Rs 11.25 lakh crore as of October 10 this fiscal, government data showed on Friday.

The mop-up includes personal income tax collection of Rs 5.98 lakh crore and corporate tax collection of Rs 4.94 lakh crore. Securities Transaction Tax (STT) stood at Rs 30,630 crore, while other taxes (including equalization levy and gift tax) earned Rs 2,150 crore.

The income tax department had collected Rs 9.51 lakh crore during the same period a year ago.

Refunds worth Rs 2.31 lakh crore were issued between April 1 and October 10, a growth of 46 per cent.

On a gross basis, direct tax collection grew 22.3 per cent to Rs 13.57 lakh crore. The collection includes PIT (personal income tax) of Rs 7.13 lakh crore and corporate tax of Rs 6.11 lakh crore.

The government has budgeted to collect Rs 22.07 lakh crore in the current fiscal from direct taxes.

What was the net direct tax collection as of October 10 this fiscal year?

a) Rs 9.51 lakh crore

b) Rs 11.25 lakh crore

c) Rs 13.57 lakh crore

d) Rs 22.07 lakh crore

Answer: b) Rs 11.25 lakh crore

 

What was the personal income tax collection as of October 10 this fiscal?

a) Rs 7.13 lakh crore

b) Rs 5.98 lakh crore

c) Rs 6.11 lakh crore

d) Rs 9.51 lakh crore

Answer: b) Rs 5.98 lakh crore

 

By what percentage did net direct tax collection grow as of October 10 this fiscal?

a) 18.3%

b) 22.3%

c) 46%

d) 13%

Answer: a) 18.3%

 

What was the amount collected through Securities Transaction Tax (STT) as of October 10 this fiscal?

a) Rs 5.98 lakh crore

b) Rs 7.13 lakh crore

c) Rs 30,630 crore

d) Rs 2,150 crore

Answer: c) Rs 30,630 crore

 

What is the government's target for direct tax collection in the current fiscal?

a) Rs 11.25 lakh crore

b) Rs 13.57 lakh crore

c) Rs 22.07 lakh crore

d) Rs 9.51 lakh crore

Answer: c) Rs 22.07 lakh crore

Assertion (A): Net direct tax collection grew by 18.3% to Rs 11.25 lakh crore as of October 10 this fiscal year.

Reason (R): The increase in tax collection is primarily due to higher Securities Transaction Tax (STT) and corporate tax collections.

a) Both A and R are true, and R is the correct explanation of A.

b) Both A and R are true, but R is not the correct explanation of A.

c) A is true, but R is false.

d) A is false, but R is true.

Answer: b) Both A and R are true, but R is not the correct explanation of A.

 

Assertion (A): Refunds worth Rs 2.31 lakh crore were issued between April 1 and October 10, growing by 46%.

Reason (R): The increase in refunds is due to a rise in personal income tax collections.

a) Both A and R are true, and R is the correct explanation of A.

b) Both A and R are true, but R is not the correct explanation of A.

c) A is true, but R is false.

d) A is false, but R is true.

Answer: c) A is true, but R is false.