look news india
In the current financial year till December 17, a year-on-year increase of 16.45 percent has been recorded in direct tax collections. According to government data, total net direct tax collections have crossed Rs 15.82 lakh crore, the increase being due to 21 per cent increase in advance tax collections, which reached Rs 7.56 lakh crore.
Know the details of direct tax collection
Corporate tax has crossed Rs 7.42 lakh crore. Whereas non-corporate tax (personal income tax) has crossed Rs 7.97 lakh crore. Securities Transaction Tax (STT) from April 1 to December 17 in the current financial year stood at Rs 40,114 crore.
What is the role of direct tax collection?
Gross direct tax collections, which include corporate tax, personal income tax and STT, have crossed Rs 19.21 lakh crore. Which shows an increase of 20.32 percent compared to the same period last year. A total refund of Rs 3.39 lakh crore has been announced between April 1 and December 17, 2024. Which is 42.49 percent more than the same period last year.
It will provide financial resources for the development of tax collection infrastructure
The government said this increase was due to steady improvement in corporate tax and personal income tax collections. Financial experts believe that this collection will not only help in achieving the revenue targets but also provide financial resources for capital expenditure and infrastructure development. The increase in net direct tax collections indicates India’s economic stability and strong tax base. This increase in tax collection will strengthen the financial support for the government’s developmental schemes and social welfare schemes. Also, faster pace of refunds will increase confidence among taxpayers and promote tax compliance.