Is income tax included in the GDP
No, income tax does not consider in the calculation of Gross Domestic Product (GDP). Income tax included in the GDP quantifies the total value of goods and services generated within a country’s boundaries over a defined time frame, typically a year. Income tax a tax levy on the income earned by individuals and companies, and do not consider a component of the value of goods and services produced. Nevertheless, the revenue generated from income tax consider part of the government’s total revenue. Which contributes to the overall Gross Domestic Product (GDP).
For more information to visit site:https://www.incometax.gov.in
