Direct Tax Collection: There has been a good figure of direct tax collection in the country and it has seen a spectacular increase of 23.5 percent in the first six months of the year.
Direct Tax Collection: The figures of Direct Tax Collection in the country have come and this time the government treasury has been filled with a good increase. 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 collection has seen a spectacular increase of 23.5 percent on a year-on-year basis, advance tax collection has also seen a spectacular increase of 20.7 percent to Rs 3,55,481 crore.
STT also included in direct tax collection
Direct tax collection also includes 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).
Know the details in detail
The provisional direct tax collection from April 1, 2023 to September 16 was Rs 8,65,117 crore, which was an excellent growth of 23.5 percent as compared to last year. In the same period last year, direct tax collection stood at Rs 7,00,416 crore.
For the financial year 2023-24, the government has issued a refund of Rs 1,21,944 crore till 16 September 2023. During the first six months of the current financial year, corporation tax stood at Rs 4,16,217 crore, while personal income tax, which also includes securities transaction tax, stood at Rs 4,47,291 crore.
Releasing this data, the Central Board of Direct Taxes said that the gross collection of direct taxes (before adjusting refunds) was Rs 9,87,061 crore, which if compared to last year, was Rs 8,34,469 crore . . 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 collection till September 16 of the current financial year has been Rs 3,55,481 crore which was Rs 2,94,433 crore during the same period last year. In this way an increase of 20.7 percent has been seen.
The result of the government’s efforts is the increase in tax collection.
The continuously increasing direct tax collection and advance tax collection is proof that the government’s efforts to stop tax evasion are bearing fruit and the use of advanced technology in the tax collection process is proving helpful in this.
