New Delhi:
Net Direct Tax Collection in India so far during the current financial year 2024-25 has reached Rs 16.90 lakh crore with an increase of 15.88 percent. This information is given by the Central Board of Direct Taxes (CBDT). Direct tax is the tax which is collected directly from citizens and companies, such as personal income tax, corporate tax, and securities transaction tax. It is used to meet government expenses and development schemes.
Increase in personal income tax collection
According to CBDT, non-corporate tax collection which mainly includes Individual Income Tax Collection has crossed Rs 8.74 lakh crore. This figure shows strong growth compared to last year.
Improvement in corporate tax and STT collection
Corporate tax collection, i.e. taxes deposited by companies, has also reached Rs 7.68 lakh crore. At the same time, Securities Transaction Tax (STT) collection stood at Rs 44,538 crore.
Big increase in tax refund also
The government has issued income tax refund of more than Rs 3.74 lakh crore in this financial year till January 12. This amount is 42.49 percent more than the same period of the last financial year. The increasing amount of refund is providing relief to taxpayers.
What is the aim of the government?
The government has set a target of raising Rs 22.07 lakh crore from direct taxes in the current financial year. This includes corporate tax collection of Rs 10.20 lakh crore, personal income tax and other taxes of Rs 11.87 lakh crore.
Indication of country’s economic strength
This increase in direct tax collection indicates the economic strength of the country and better tax compliance. Increasing refunds and strong collections will help in maintaining stable government finances.
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