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Why in News ? The Lok Sabha passed the Manipur GST Amendment Bill, 2025 and the Manipur Appropriation (No. 2) Bill, 2025 to enable GST collection and allocate additional funds for the state’s development under President’s Rule. Legislative Measures for Manipur: Manipur GST Amendment Bill, 2025 amends the Manipur GST Act, 2017. Replaces an ordinance …
Read MoreGENERAL SCENARIO OF INDIAN TAXATION Origin of Tax: The term “tax” comes from “taxation,” indicating an estimation process. Historical Presence: Direct taxation has been a part of India’s financial system since ancient times. Purpose of Taxation: Taxes are collected by the government to fund projects that boost the economy and improve citizens’ standard of living. …
Read MoreWhy in the news? Net direct tax collections exceed 2023-24 target, driven by personal income tax surge; corporate tax contribution declines. About the Growth in Tax Kitty: India’s net direct tax collections rose by 17.7% in 2023-24, reaching ₹19.58 lakh crore. This surpassed both the Budget estimates and revised estimates by 7.4% and ₹73,000 crore …
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