The Income Tax Department has released the direct tax collection data. According to the department, in the current financial year that is FY23 till October 8, there has been a jump of about 24 percent in the collection.
The total direct collection between 1 April and 8 October 2022 stood at Rs 8.98 lakh crore, which is 23.8 percent more than the year-ago figure.
It also includes tax on corporate and individual income. The department gave this information on Sunday.
According to the data of the Income Tax Department, a growth of 32.30 percent has also been registered in the personal income tax collection.
Direct tax collection after adjusting for refunds stood at Rs 7.45 lakh crore, which is 16.3 per cent higher than the same period last year.
According to government data, this collection is 52.46 percent more than the total estimated budget of direct tax for FY23.
CBDT said in a statement that as far as the growth rate of Corporate Income Tax (CIT) and Personal Income Tax (PIT) for gross revenue collection is concerned, the growth rate for CIT is 16.73 per cent and for PIT (including STT) 32.30 per cent. After adjustment of refund, overall growth of 16.29 per cent in CIT collection and 17.35 per cent in PIT collection has been registered. Rs 1.53 lakh crore refunded till October 2022. This is 81 percent more than last year.
Tax collection is seen as an indicator of the economic activity of any country. But despite the slowdown in industrial production and exports in India, there has been a strong jump in tax collections. According to experts, the economic growth momentum is likely to deteriorate, but the positive sentiment of corporate profits will remain intact. Merchandise exports declined by 3.5 per cent in September. While the trade deficit has almost doubled in the first half.
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