New Delhi:
The impact of the country’s strong economy is also being seen on the country’s direct tax collection. In this, from the beginning of the financial year 2024-25 till now, there has been an increase of more than 16 percent as compared to the same period last year. According to the data released by the government, in the current financial year (April 1 to September 17), the country’s direct tax collection has increased by 16.12 percent to Rs 9.95 lakh crore.
ITR refund increased to Rs 2.05 lakh crore
During this period, there has been a jump in the Income Tax Refund and it has increased by 56.49 percent to Rs 2.05 lakh crore compared to the same period last year.
Corporate tax collection increased by 10.55 percent
There has been a big jump in net individual tax collection between April 1 and September 17. It has increased by 19 percent on an annual basis to Rs 5.15 lakh crore. During this period, corporate tax collection has increased by 10.55 percent to Rs 4.52 lakh crore.
Advance tax collection increased by 22.61% year-on-year
The collection of Security Transaction Tax (STT) has increased to Rs 26,154 crore. Advance Tax Collection has increased by 22.61 percent on an annual basis to Rs 4.36 lakh crore. Advance Individual Tax Collection has increased by 39.22 percent.
Corporate tax has increased by 18.17 percent. Gross Direct Tax Collection including refunds has increased by 21.48 percent to Rs 12.01 lakh crore during the review period.
Know the reason for increase in direct tax collection
In the current financial year, the government has set a target of collecting Rs 22.12 lakh crore from direct tax (individual income tax, corporate tax and other taxes), which is about 13 percent more than the previous financial year. The reason for the increase in direct tax collection in the country is the strengthening of the economy. In the financial year 2023-24, the Indian economy grew at the rate of 8.4 percent. It is estimated to grow at the rate of 7.2 percent in 2024-25.
Also read- Income Tax Refund has not come yet? Is your money stuck due to this reason? What to do now?
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