Economics · Fiscal Policy and Taxation
Consider the following statements regarding trends in net direct tax collections for the financial year 2024-25: Statement I: Net collections from non-corporate taxes (personal income tax) grew at a faster rate than corporate tax collections. Statement II: The slower growth in net corporate tax collections is partly due to a significant rise in corporate tax refunds compared to non-corporate tax refunds during the same period. Which one of the following is correct in respect of the above statements?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Statement I is incorrect, but Statement II is correct.
- 2Statement I is correct, but Statement II is incorrect.
- 3Both Statement I and Statement II are correct, but Statement II is not the correct explanation for Statement I.
- 4Both Statement I and Statement II are correct, and Statement II is the correct explanation for Statement I.✓
Correct answer
Both Statement I and Statement II are correct, and Statement II is the correct explanation for Statement I.
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