Direct Tax Collection In India 2022-23 : Direct tax collection, including personal income tax, has 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 has been Rs 5.29 lakh crore, which is 30.17 percent more than the net collection of 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.
economy boomed
An amount of Rs 1.19 lakh crore has been issued as refund from April 1 to September 8, 2022. 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 has been 13.5 percent.
Increased total tax collection
Direct tax collection figures as on 8 September 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 and personal income tax increased by 25.95 per cent and 44.37 per cent, respectively, during the period under review. The central 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.
Above 1.4 lakh crore for the sixth consecutive month
The figure of GST collection is also increasing continuously. For 6 consecutive months, the GST collection is coming in above Rs 1.4 lakh crore. The GST collection in August has been vigorous 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 says that there has been a positive growth in GST revenue due to better GST reporting along with economic reforms.
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