Direct Tax Collection: Finance Minister Nirmala Sitharaman is going to present the budget on July 23. Before that, the tax collection figures have filled the government treasury…
The central government has received great good news before the full budget of the financial year 2024-25. Actually, the government is earning a lot from direct tax and so far this year it has seen a growth of more than 24 percent. This has been revealed by the latest figures.
The figure reached Rs 5.75 lakh crore
According to the latest data released by the Central Board of Direct Taxes (CBDT) on Friday, the net collection of direct tax i.e. net direct tax collection has increased by 24.07 percent to Rs 5.74 lakh crore so far this year. This figure is till July 11, 2024. In the same period a year ago, the government had earned Rs 4.80 lakh crore from direct tax.
According to CBDT data, corporate tax has contributed Rs 2.1 lakh crore to this figure of net collection of direct tax. At the same time, the contribution of personal income tax has been Rs 3.46 lakh crore in the total collection. The personal income tax collection figures also include the income from Securities Transaction Tax (STT).
This much income was earned in the month of June
The government earned more than Rs 4.50 lakh crore from tax collection in the month of June alone. CBDT figures show that in the month of June, the government got a total of Rs 4.62 lakh crore from the collection of direct tax. This figure is 20.99 percent more than the income from direct tax in June 2023. The collection during the month of June includes corporate tax of Rs 1.8 lakh crore and personal income tax of Rs 2.81 lakh crore.
The figure had increased this much last year
The direct tax collection had given great relief to the government during the last financial year as well. During the entire financial year 2023-24, the direct tax collection of the government grew by 17.7 percent on an annual basis and the total figure stood at Rs 19.58 lakh crore. During the last financial year, the contribution of personal income tax was important in this increase. The contribution of personal income tax in the total collection had increased to 53.3 percent, while the contribution of corporate tax had come down to 46.5 percent.
Budget to come after one and a half weeks
This figure of tax collection has come at a time when the government is going to present a new budget after about one and a half weeks from now. The new session of Parliament is starting from July 22 and on the second day of the session i.e. on July 23, Finance Minister Nirmala Sitharaman is going to present the full budget for the financial year 2024-25.
