Net direct tax collections surge 17.7% YoY to Rs 19.58 trillion in FY24.

Direct Tax Collections in FY23-24:

• While gross direct tax collections (provisional) for the FY 2023-24 rose 18.48% to ₹23.37 lakh crore, net proceeds (after accounting for refunds) surged 17.7% to ₹19.58 lakh crore, reflecting buoyancy in the economy and rise in income levels of individuals and corporates. This surpassed the initial budget estimate by ₹1.35 trillion and the revised estimate (RE) mentioned in the interim budget by ₹13,000 crore.
• Refunds of Rs 3.79 trillion were issued during 2023-24, showing an increase of 22.7 per cent over Rs 3.09 trillion issued the previous year.
• Rise in Personal Income Tax Collection: In FY24, the actual growth in personal income tax collection exceeded expectations, reaching 25.3% compared to the 22.7% projected in the Revised Estimates (RE) over the FY23 collection.
• Net income tax collections surged by 25.2%.

This is significant for two reasons:

• The higher tax payments suggest increased earnings, indicating prosperity among taxpayers.
• It may indicate an expansion of the tax base.

• Lower than Anticipated Corporation Tax Growth: The growth in corporation tax was lower than anticipated, standing at 10.3% instead of the 11.7% forecasted in the RE.
• The government reduced the corporation tax rate to 22% (25.17% including cess and surcharge) from the previous 30% starting from FY20 for companies that do not utilize any exemptions or incentives.
• The tax rate was lowered to 15% for newly established domestic companies incorporated on or after October 1, 2019, engaged in fresh investments in manufacturing until March 31, 2023.
• This deadline was subsequently extended until March 31, 2024.
• Trend in Indirect Tax Collection: As indirect tax collection exceeded the RE for FY24, it is anticipated that the total tax revenue will surpass the RE.
• The indirect tax collection for FY24 surpassed the RE of Rs 14.84 trillion by a considerable margin, primarily due to record GST collection.

Direct Tax:

• About: It is a type of tax that is levied directly on the income, wealth, or property of individuals or organizations.
• Unlike indirect taxes, which are levied on goods and services and are paid indirectly by consumers (such as sales tax or VAT), direct taxes are paid directly to the government by the taxpayer.
• Significance:  The tax rate increases as income or wealth increases which promotes a sense of fair distribution of the tax burden based on ability to pay.
• Income Tax:  Imposed on individual, liable to pay the tax directly to the Government and bear the burden of the tax himself.
• Corporation  Tax: Levied on the profit of corporations and companies.

Government Initiatives to Improve Direct Taxes:

• Faceless E-assessment Scheme (2019) & Faceless Appeals(2020):  It removes direct interaction between taxpayers and assessing officers/ appellate authorities fostering transparency and reducing bias.
• Document Identification Number (DIN):  A unique DIN is assigned to every communication related to tax matters, facilitating easy tracking and verification.
• Advance Pricing Agreements (APAs): It allows taxpayers and tax authorities to pre-agree on how to price international transactions, minimizing future disputes and fostering certainty.
• Direct TaxVivad se Vishwas Act, 2020: It provides a window for settling pending direct tax disputes, offering reduced penalties and fees for timely resolution.

Indirect Tax:

• It is the tax levied on the consumption of goods and services. It is not directly levied on the income of a person.
• Indirect tax is generally imposed on suppliers or manufacturers who pass it on to the final consumer.

World Health Organization (WHO) has approved a new oral cholera vaccine called Euvichol-S.

Euvichol-S:

• This new vaccine is simpler and cheaper than its predecessor, Euvichol-Plus.
• It uses fewer ingredients and can be produced more quickly.
• Euvichol-S is part of a family of inactivated oral cholera vaccines, which includes Euvichol and Euvichol-Plus.
• It is the third vaccine from this family to be prequalified by the WHO.

About Cholera:

• Cholera is a severe diarrheal disease caused by Vibrio cholerae bacteria. It leads to acute watery diarrhoea, vomiting, and leg cramps.
• The disease spreads through contaminated food or water and poses a significant global public health threat.
• Cholera is prevalent in regions with poor sanitation and limited clean water access, mainly in the Middle East and Africa.
• As of July 2023, India had reported 132 cholera cases, highlighting its ongoing global impact.

India delivers first batch of BrahMos to Philippines.

India''s Expanding Defence Export Markets:

• India exported two Dornier 228 aircraft to Guyana, marking its first major defence export to a Caribbean nation.
• India now exports military hardware to 85 countries, showing a wide global reach.

Record Growth in Defence Exports:

• Defence exports in FY 2023-24 hit a record Rs. 21,083 crore (approx. US$ 2.63 billion). This reflects a 32.5% increase from the previous fiscal year.
• India''s defence exports have surged 31 times over the last decade, a remarkable growth from FY 2013-14.
• Export authorisations increased from 1,414 in FY 2022-23 to 1,507 in FY 2023-24, indicating an expanding approval process for defence exports.

Contributions from Both Public and Private Sectors:

• About 60% of defence exports come from the private sector, while the public sector contributes around 40%.
• The export products include missiles, artillery guns, rockets, and armoured vehicles.

DRDO To Test Indigenous Laser Weapon DURGA-2.

DURGA-2 (Directionally Unrestricted Ray Gun Array):

• DURGA-2 is a directed energy weapon developed by DRDO.
• It uses high-energy lasers, microwaves, and particle beams.
• The system is designed to be deployed on land, sea, and air-based platforms.

Operational Advantages:

• DURGA-2 can deliver lethal force at the speed of light, approximately 300,000 km/s.
• This allows for rapid response in combat situations.
• The beam''s performance is stable, as it is not influenced by gravity or atmospheric drag.
• The intensity of energy can be varied to customize the impact on targets.

Strategic Importance:

• DURGA-2 represents the future of anti-missile, anti-drone, and anti-aircraft technologies.
• This system aids in the development of advanced military hardware critical for modern warfare.
• Similar technologies are being developed by other countries, including Russia, France, Germany, the UK, Israel, and China.
• Impact on Defense Tactics
• DURGA-2 offers highly precise targeting with adjustable effects, providing significant tactical flexibility in combat.

NASA''s Juno captures closest views of erupting volcanoes on Jupiter''s moon Io.

Juno Mission:

• Juno is a NASA space probe orbiting the planet Jupiter.
• Built by Lockheed Martin, it is operated by NASA''s Jet Propulsion Laboratory.
• It was launched in 2011 as part of the New Frontiers program.
• NASA''s New Frontiers program is a series of space exploration missions that began in 2003 and aim to improve understanding of the solar system.
• It is the second spacecraft to orbit Jupiter, following the nuclear-powered Galileo orbiter, which orbited the planet from 1995 to 2003.
• In 2016, Juno entered a polar orbit around Jupiter to initiate a scientific investigation of the planet.
• Upon completing its mission, Juno will be intentionally deorbited into Jupiter''s atmosphere.

Objectives:

• Juno''s mission is to measure Jupiter''s composition, gravitational field, magnetic field, and polar magnetosphere.
• It also aims to uncover insights into how the planet formed, including whether it possesses a rocky core, the extent of water within its deep atmosphere, mass distribution, and the characteristics of its deep winds, which can reach speeds of up to 620 km/h (390 mph).

Features:

• Juno, powered by the largest solar panel wings (Juno solar array) deployed on a planetary probe at launch, relies on them for both stability and generating power.
• It carries scientific instruments including Magnetometers, Gravity Science, Microwave radiometer, etc.

Jupiter''s moon Io:

• Jupiter''s moon Io is the "most volcanically active world in the solar system," with hundreds of volcanoes, some erupting lava fountains dozens of miles high.
• Io is caught in a gravitational tug-of-war between Jupiter''s immense gravity and the smaller yet precisely timed pulls from two neighboring moons, Europa and Ganymede, which orbit farther from Jupiter.
• Slightly larger than Earth''s moon, Io is the fourth-largest moon in the Solar System.
• It is also the third largest of Jupiter''s moons.
• It has the highest density and strongest surface gravity among moons and contains the least amount of water by atomic ratio of any known astronomical object in the Solar System.
• Discovered in 1610 by Galileo Galilei, Io was named after the mythological character Io, a priestess of Hera who became one of Zeus''s lovers.

World Earth Day is celebrated annually on April 22nd to support environmental conservation efforts.

• World Earth Day, also known as International Mother Earth Day, is a globally recognised event dedicated to raising awareness and promoting the sustainability of our planet.

World Earth Day 2024:

• World Earth Day 2024 Theme: The theme for Earth Day 2024 is “Planet vs. Plastics” .
• This theme emphasizes the need for collective action to repair and heal the planet’s ecosystems, combat climate change, and preserve biodiversity.
• Significance: World Earth Day holds significance as a global initiative to raise awareness about environmental issues and inspire action.
• It serves as a reminder that everyone has a shared responsibility for the health of the planet and that corporations, governments, communities, and individuals must work together to achieve this goal.

Origin of World Earth Day:

• Background: The concept of World Earth Day can be traced back to the late 1960s, which saw a surge in public debate over environmental issues.
• Rachel Carson’s book Silent Spring (1962) and the Santa Barbara oil spill (1969) raised awareness about environmental destruction.

EARTHDAY.ORG:

• About: Growing out of the first World Earth Day in 1970, EARTHDAY.ORG is the world’s largest recruiter to the environmental movement, working with more than 150,000 partners in over 192 countries to drive positive action for our planet.
• Mission: It’s mission is to diversify, educate and activate the environmental movement worldwide.
• Acceptance of Idea: However, it was first accepted in the USA when the UN officially acknowledged it in 1972 after peace activist John McConnell proposed the idea of celebrating a day in honor of the Earth and peace.
• It began from Gaylord Nelson, a US senator, who sought to infuse the energy of student anti-war protests with an emerging public consciousness about air and water pollution” during this time.
• He recruited activist Denis Hayes to organize campus teach-ins and scale the idea to a broader public.
• The duo chose April 22 as the date — then a weekday falling between Spring Break and Final Exams to maximize student participation.

Goals Laid for Environment Protection:

• Reducing Plastic Production: On this World Earth Day 2024, EARTHDAY.ORG renewed its commitment aiming for a 60% reduction in plastic production by 2040 to safeguard both human and planetary health.

 Key Objectives towards goal:

• Raising Awareness: The campaign prioritizes spreading awareness about the detrimental effects of plastic on human and environmental health.
• It calls for increased research into the health implications of plastic exposure and advocates for transparency in sharing findings with the public.
• Phasing Out Single-Use Plastics: It aims to rapidly eliminate single-use plastics by 2030.
• It seeks to embed this commitment within the United Nations Treaty on Plastic Pollution by 2024, ensuring global cooperation in tackling this pressing issue.
• Investing in Innovation: It emphasizes the importance of investing in innovative technologies and materials to pave the way for a plastic-free world.

Indian Government initiatives aligned with World Earth Day:

• Green Credit Program: Under this, participants can earn Green Credits for a wide range of activities that promote environmental sustainability.
• Global Biofuel Alliance: Under India’s G20 presidency, the India-led initiative was launched to promote sustainable biofuel usage, offer technical assistance to national biofuel programs worldwide, and enable the exchange of policy practices.
• International Solar Alliance (ISA): India established ISA with France in 2015 to attract $1 Tn of investment in solar projects by 2030 in solar-rich countries, thereby increasing access to clean energy.
• Lifestyle for Environment: It promotes an eco-friendly lifestyle centered around mindful and purposeful use, rather than thoughtless and wasteful consumption.