There has been a tremendous increase in the government’s tax collection.
In just about 100 days of the current financial year, there has been a tremendous increase in the government’s treasury due to tax collection. If we look at the government figures, there has been an increase of more than 16 percent in net direct tax collection during this period. The special thing is that corporate tax collection has contributed the most to this increase. In which an increase of 22 percent has been seen. Whereas an increase of about 12 percent has been seen in non-corporate tax collection. Let us also tell you what kind of figures have been seen from the government.
Tax collection figures released by the government
- In the current financial year, till July 13, the country’s net direct tax collection increased by 16.40 percent to more than Rs 6.51 lakh crore. The biggest contribution to this has been the increase in corporate tax collection.
- According to the data released by the government on Tuesday, net corporate tax collection increased by 22 percent to Rs 2.40 lakh crore.
- At the same time, non-corporate tax (including taxes paid by individuals, HUF and firms) increased by almost 12 percent to more than Rs 3.84 lakh crore.
- During this period, a sharp increase of 48 percent was recorded in Security Transaction Tax (STT) and it reached Rs 26,429 crore.
- Refunds worth Rs 1.22 lakh crore were issued during the period under review, which is 14.57 percent more than the same period last year.
- At the gross level, direct tax collection increased by 16.11 percent to more than Rs 7.73 lakh crore.
- This includes corporate tax of Rs 3.35 lakh crore and non-corporate tax of about Rs 4.12 lakh crore.
What is the government’s target?
The government has set a target of raising Rs 26.97 lakh crore from direct taxes in the current financial year. This is 15 percent more than Rs 23.40 lakh crore of the last financial year. According to Rohinton Sidhwa, partner at Deloitte India, these figures indicate that the West Asia war or economic slowdown has not had much impact on corporate earnings and the profits of companies remain strong. Jayesh Shanghvi, tax partner at EY India, said that there is a sharp increase in corporate tax and strength in advance tax payments. Along with this, personal income tax collections also remain strong, which reflects the trend of improving compliance and formalization of the economy. Hitesh Sahni, partner at Price Waterhouse & Company, said that current trends show that direct tax collections remain in a strong position this year.
