Direct Tax Collection: The figures of direct tax collection in the country have been declared. This time there has been a good increase in the government 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. While direct tax collections have seen an impressive growth of 23.5 per cent year-on-year, advance tax collections have also increased by 20.7 per cent to Rs 3,55,481 crore.
STT is also included in direct tax collection
Direct tax collections also include corporation tax of Rs 4.16 lakh crore and personal income tax of Rs 4.47 lakh crore, which also includes securities transaction tax (STT).
Provisional direct tax collections from April 1, 2023, to September 16 stood at Rs 8,65,117 crore, an impressive growth of 23.5 per cent over the previous year. Direct tax collection in the same period last year was Rs 7,00,416 crore. For the financial year 2023-24, the government has announced a refund of Rs 1,21,944 crore till 16 September 2023. In the first half of the current financial year, corporation tax was Rs 4,16,217 crore, while personal income tax was Rs 4,47,291 crore, including securities transaction tax.
Releasing the data, the Central Board of Direct Taxes said total direct tax collections (before adjusting refunds) stood at Rs 9,87,061 crore, compared to Rs 8,34,469 crore last year. In this way an increase of 18.29 percent has been seen.
Advance tax collection also increased by more than 20 percent
Provisional advance tax collections till September 16 of the current financial year stood at Rs 3,55,481 crore, compared to Rs 2,94,433 crore in the same period last year. In this way an increase of 20.7 percent has been observed.
Tax collection increased due to government efforts
The steady growth in direct tax collections and advance tax collections is evidence that the government’s efforts to curb tax evasion are paying off and the use of advanced technology in the tax collection process is proving helpful.