Direct Tax Collection Increased By 35 Percent To Rs 6.48 Lakh Crore

Direct tax collection increased by 35 percent to Rs 6.48 lakh crore, what experts are saying?

Direct tax collection, including personal income tax, increased by 35.46 percent to Rs 6.48 lakh crore in the current financial year till September 8.

According to the Income Tax Department data, the direct tax collection after deducting refunds stood at Rs 5.29 lakh crore, which is 30.17 percent higher than the net collection for the same period last year.

This collection is 37.24 percent of the total budget estimate for direct taxes for the financial year 2022-23.

The statement said that from April 1 to September 8, 2022, an amount of Rs 1.19 lakh crore was issued as a refund.

This figure is 65.29 percent more than the corresponding period last year. Experts say that a strong increase in tax collection shows that the economy is booming.

In the first quarter of the current financial year, the country’s GDP (Gross Domestic Product) growth rate stood at 13.5 percent.

Total tax collection also increased.

The figures for direct tax collection till September 8, 2022, show that the total collection is Rs 6.48 lakh crore, which is 35.46 percent higher than the total collection of the same period last year.

Company income tax (CIT) and personal income tax (PIT) grew by 25.95 percent and 44.37 percent, respectively, during the period under review.

The government has estimated to collect Rs 14.20 lakh crore in the direct tax head in the current financial year.

It aims to raise Rs 7.20 lakh crore from corporate tax and Rs 7.0 lakh crore from individual taxpayers.

GST collection was also above 1.4 lakh crores for the sixth consecutive month.

The figure for GST collection is also increasing continuously. According to the information from the Ministry of Finance, for 6 consecutive months, the GST collection is coming above Rs 1.4 lakh crore.

In August also, the GST collection was strong and it was 28 percent higher than the month of August last year. GST collection of Rs 1,43,612 crore was done in August 2022.

The Finance Ministry has said in its statement that there has been positive growth in GST revenue due to better GST reporting along with economic reforms.