How has India's revenue composition changed in the last 20 years by the type of tax?
The percentages here imply what percentage of the total revenue constituted this particular type of tax.
Data credits: Times of India Data Hub
The percentages here imply what percentage of the total revenue constituted this particular type of tax.
Data credits: Times of India Data Hub
We observe that the Service tax went from a non-existent 1% in 1998 to a whopping 27% in 2020 - a gradual increase and then a sudden hike in 2017 when GST was introduced.
While UPA-I increased the corporate tax, UPA-II decreased it gradually. We see the BJP government also continues to keep the corporate tax low.
Excise tax - simply, taxes on manufacturing have reduced in size to a third of the share in 1998.
Customs tax or taxes on imports have been reduced to a quarter of the share in 1998.
Customs tax or taxes on imports have been reduced to a quarter of the share in 1998.
Direct tax contribution (Personal + Corporate) has seen a steady rise over the last few years.
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