Net direct tax collection jumps, crosses ₹ 10.60 lakh crore, taxpayers get so much refund

Company tax collection increased by 12.48 percent and personal income tax by 31.77 percent.- India TV Paisa
Photo: PIXABAY Company tax collection increased by 12.48 percent and personal income tax by 31.77 percent.

So far in the current financial year (FY2024), net direct tax collection across the country has increased by 22% to Rs 10.60 lakh crore. This is more than 58 percent of the target set in the budget. According to Bhasha News, the Income Tax Department said on Friday that net company tax collection increased by 12.48 percent and personal income tax by 31.77 percent. According to the latest data, the direct tax collection after tax refund stood at Rs 10.60 lakh crore. This is 21.82% higher than the tax collection in the same period last year.

1.77 lakh crore was refunded to the taxpayers.

According to the news, this collection is 58.15 percent of the total target set for direct tax collection for the financial year 2023-24. 1.77 lakh crore rupees have been refunded to taxpayers between April 1 and November 9, 2023. Direct tax collection on gross basis increased by 17.59% to Rs 12.37 lakh crore. Direct taxes include personal income tax and company tax.

During this period, company tax collection increased by 7.13 percent and personal income tax by 28.29 percent. The estimated direct tax collection in the budget for the financial year 2023-24 is Rs 18.23 lakh crore. This is 9.75% higher than Rs 16.61 lakh crore in 2022-23. Bloomberg Economics estimates that the central government will receive around Rs 1.9 trillion in fiscal 2024. This figure is 0.6 percent of GDP.

Direct taxes are levied on the principle of people’s ability to pay. Individuals or institutions that have access to more resources and earn more income, therefore need to pay more taxes. Direct laws are made in such a way that taxation becomes a way of redistributing funds in the country.

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