Direct Tax Collection: in country in direct tax collection There has been a huge increase. This has led to a huge increase in the government’s treasury. From April 1, 2023 to September 16, 2023, the country’s direct tax collection has increased by 23.5 percent to Rs 8.65 lakh crore. Advance tax collection has also increased by 20.7 percent to Rs 3 lakh 55 thousand 481 crore.
Direct tax collections also include corporation tax of Rs 4.16 lakh crore and personal income tax of Rs 4.47 lakh crore. Which includes Securities Transaction Tax (STT). The total net direct tax collection of Rs 8 lakh 65 thousand 177 crore includes company income tax of Rs 4,16,217 crore and personal income tax of Rs 447,291 crore in the form of bond turnover tax (STT). A total of Rs 3.55 lakh crore has been collected as the second installment of advance tax to be deposited by mid-September. Which is 21 percent more than the collection of Rs 2.94 lakh crore in the same period of the last financial year.
According to the Central Board of Direct Taxes, the total collection of direct taxes in 2023-24 is Rs 9,87,061 crore. Which was Rs 8,34,469 crore last year. Thus there has been an increase of 18.29 percent. Meanwhile, tax evasion occurred on a large scale. The government’s efforts to stop this are gradually getting success. The use of advanced technology is proving helpful in the tax collection process.