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What is Indian Revenue Service mean?
The Indian Revenue Service (IAST: Bhāratīya Rājasva Sevā), often abbreviated as IRS, is the administrative revenue civil service under Group A of the Central Civil Services of the executive branch of the Government of India. It functions under the Department of Revenue of the Ministry of Finance and is under the administrative direction of the Revenue Secretary and the ministerial command of the Minister of Finance. The IRS is primarily responsible for collecting and administering direct and indirect taxes accruing to the Government of India.
The IRS comprises two branches, Indian Revenue Service (Income Tax) and Indian Revenue Service (Custom & Indirect Taxes), controlled by two separate statutory bodies, the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC). The duties of the IRS (IT) include among others, formulation of domestic direct tax policy (through the Tax Policy and Legislation Section), formulation of international tax policy (through the Foreign Tax and Tax Research Division), handling policy matters in respect of investigation of tax evasion (through the Investigation Section), updating, resolving and maintaining the relevant laws (through the ITA Division), administering the direct tax policy (through its field offices across the country), and administering all the associated administrative functions pertaining to direct taxes. The duties of the IRS (C&IT) include formulation and enforcement of policy concerning the Goods and Services Tax, prevention of smuggling, and administration of matters related to Customs and Narcotics.
In the 2017-18 financial year (i.e. 1 April 2017 to 31 March 2018), the IRS (IT) received 5,87,13,458 returns and collected direct taxes amounting to ₹11.37 Lakh Crores, equivalent to ₹11,370 Billions, spending ₹6 (equivalent to ₹8.00 or 11¢ US in 2020) for every ₹1,000 (equivalent to ₹1,300 or US$17 in 2020) it collected. The relative contribution of direct tax to the overall tax collection of the Central Government has risen from about 36% to 56% over the period of 2000–01 to 2013–14. The contribution of direct tax-to-GDP has doubled (from about 3% to 6%) during the same period.
referencePosted on 24 Dec 2024, this text provides information on Miscellaneous in Indian Ministry of Finance related to Indian Ministry of Finance. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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