look news india
Direct Tax Collection: The Indian government’s net direct tax collections increased by 15.4 percent to Rs 12.1 trillion ($143 billion) compared to the previous year. Giving information about the collections during the period April 1 to November 10, the Income Tax Department said direct taxes, which include corporate and personal taxes, grew by over 21 per cent on a gross basis during the period to Rs 15 trillion. Went. The Income Tax Department also said it has issued tax refunds worth Rs 2.9 trillion (Rs 2.92 lakh crore). This is a jump of 53 percent on an annual basis.
Direct Tax Budget in the current financial year
According to reports, direct tax collections include net corporate tax of Rs 5.10 lakh crore and non-corporate tax of Rs 6.62 lakh crore. Other taxes worth Rs 35,923 crore were collected. The government has budgeted to collect Rs 22.12 lakh crore from direct taxes in the current financial year, which is 13 percent more than the previous financial year.
Direct tax is a type of tax which is imposed directly on the taxpayer and the person on whom it is imposed pays it directly to the government. Direct tax is that tax which the taxpayer cannot impose on anyone else.
182% direct tax collection in 10 years
Direct tax collections have increased by 182 percent during the 10-year tenure of the government led by Prime Minister Narendra Modi. Personal income tax collection has increased almost four times to Rs 10.45 lakh crore in the financial year 2023-24. Direct tax collection in 2014-15, the first year of Modi government, was approximately Rs 6.96 lakh crore. This included corporate tax of approximately Rs 4.29 lakh crore and personal income tax of Rs 2.66 lakh crore. The number of income tax returns (including revised returns) filed increased from 4.04 crore in FY 2014-15 to over 8.61 crore in 2023-24.