Uttar Pradesh Sets Ambitious Goal to Triple Exports by 2030 Amid Global Opportunities

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Turning Global Challenges into Opportunities In a major economic push, the Uttar Pradesh (UP) government has set an ambitious target to triple its exports by 2030 , leveraging the global trade shifts triggered by the ongoing US-China tariff war . An official statement released on Saturday highlighted how Chief Minister Yogi Adityanath’s administration is positioning UP to seize emerging opportunities amid global economic realignments. While the standoff between the world’s two largest economies presents a broader chance for India, Uttar Pradesh is particularly well-placed with its improving law and order situation , world-class infrastructure , and an abundant skilled workforce to emerge as a preferred investment destination. Rising Export Numbers with Strategic Schemes Since the launch of the highly successful One District One Product (ODOP) scheme, Uttar Pradesh’s exports have surged from ₹88,967 crore to over ₹2 lakh crore , marking a strong trajectory of growth. The ODO...
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India's Direct Tax Collections Surge 15.6% to ₹27 Lakh Crore in FY 2024-25



India's direct tax collections have showcased remarkable resilience and strength, growing by 15.59% in the financial year 2024-25, according to data released by the Central Board of Direct Taxes (CBDT). The gross direct tax mop-up rose to ₹27.02 lakh crore, up from ₹23.38 lakh crore recorded in FY 2023-24.

Key Highlights of the Tax Collections

  • Corporate Tax collections grew from ₹11.31 lakh crore to ₹12.72 lakh crore.

  • Non-Corporate Tax collections surged from ₹11.68 lakh crore to ₹13.73 lakh crore.

  • Securities Transaction Tax (STT) receipts witnessed an impressive jump from ₹34,192 crore to ₹53,296 crore.

  • Wealth tax and other minor direct taxes saw a dip from ₹4,068 crore to ₹3,366 crore.

After adjusting for refunds (which increased by 26.04% to ₹4.76 lakh crore), the net direct tax collections stood at ₹22.26 lakh crore, reflecting a healthy 13.57% growth compared to last year’s ₹19.60 lakh crore.

This strong performance indicates a buoyant economy, improved tax compliance, and robust corporate profitability, despite global headwinds.

What Are Direct Taxes in India?

Direct taxes are those taxes that are paid directly by individuals or organizations to the government. These taxes are levied on income, profits, or wealth, and the responsibility to pay cannot be shifted to another entity.

Examples of Direct Taxes:

  • Income Tax: Paid by individuals and entities on their income.

  • Corporate Tax: Paid by companies on their profits.

  • Securities Transaction Tax (STT): Levied on the purchase or sale of securities listed on stock exchanges.

  • Wealth Tax (now abolished): Previously imposed on an individual's net wealth.

Direct taxes are critical for the government's fiscal framework as they represent a major, predictable revenue stream and ensure progressive taxation where higher earners contribute more.

What Are Indirect Taxes in India?

Indirect taxes are taxes that are collected by an intermediary (like a retailer) from the person who ultimately bears the economic burden (like a consumer). These taxes are imposed on goods and services rather than on income or profits.

Examples of Indirect Taxes:

  • Goods and Services Tax (GST): Unified tax replacing earlier taxes like VAT, excise duty, and service tax.

  • Customs Duty: Levied on imports and exports.

  • Excise Duty (largely subsumed into GST): Previously charged on the manufacture of goods.

In indirect taxes, the end-consumer bears the cost, even though the seller collects and remits it to the government.

What is the Central Board of Direct Taxes (CBDT)?

The Central Board of Direct Taxes (CBDT) is the apex body under the Department of Revenue in the Ministry of Finance, Government of India. It plays a pivotal role in:

  • Formulating policies related to direct taxes.

  • Administering direct tax laws through the Income Tax Department.

  • Monitoring tax collections and ensuring taxpayer compliance.

  • Handling grievances and resolving tax disputes.

The CBDT not only advises the government on direct tax matters but also spearheads various reforms to simplify tax laws, improve taxpayer services, and enhance transparency in the taxation system.

Conclusion

India’s direct tax performance for FY 2024-25 reflects not only a robust economic recovery but also the fruits of a strengthened tax administration. With growing revenues, the government now has more fiscal space to fund infrastructure, welfare programs, and strategic investments, accelerating India's march towards becoming a $5 trillion economy.


Location: Pune, Maharashtra, India

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