Government became rich from direct tax, collection increased by 16 percent

By News Update On Dec 20, 2024

New Delhi : The year 2024 has been very good for the Indian economy. There has been a huge increase in direct tax collection in this current financial year till 17th December. It is being told that till December 17, there has been an increase of 16.45 percent in direct tax collection on annual basis. According to government data, the total net direct tax collection has exceeded Rs 15.82 lakh crore. This increase has come due to 21 percent increase in advance tax collection, which has reached Rs 7.56 lakh crore.

Let us inform you that the corporate tax has exceeded Rs 7.42 lakh crore. At the same time, personal income tax i.e. non-corporate tax has crossed Rs 7.97 lakh crore. Securities Transaction Tax i.e. STT has increased to Rs 40,114 crore from April 1 to December 17 in the current financial year.

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Role of direct tax collection

Gross direct tax collection, which includes corporate tax, personal income tax and STT, has also crossed Rs 19.21 lakh crore. This shows an increase of 20.32 percent over the same month last year. According to the information, a total of Rs 3.39 lakh crore refunds have been issued between April 1 and December 17, 2024. This is more than 42.49 percent compared to the same month last year.

will provide financial resources

Giving information, the government has said that the reason behind the increase in direct tax collection is due to the continuous improvement in corporate tax and personal income tax collection. Financial experts have said that this collection will not only help in achieving the revenue targets but will also provide financial resources for capital expenditure and infrastructure development.

Promote the feeling of paying taxes

The increase in net direct tax collections is indicating India's economic stability and strong tax base. With this increase in tax collection, the government's developmental plans and
Financial help for social welfare scheme will be strengthened. At the same time, the faster pace of refund will also increase confidence among taxpayers and encourage the feeling of paying taxes.