15% jump in direct tax collection in financial year 2024-25, government raised Rs 17.78 lakh crore
New Delhi:
India’s Net Direct Tax Collections Collection has increased by 15% to Rs 17.78 lakh crore so far in the current financial year (2024-25). According to data from the Central Board of Direct Taxes (CBDT), the figure was Rs 15.51 lakh crore during the same period of the last financial year (2023-24). At the same time, the collection of gross direct tax increased by 19.06% and it crossed Rs 21.88 lakh crore, which was Rs 18.38 lakh crore in the same period last year.
Personal income tax collection increased by 21%
Non-Corporate Tax Collection, which mainly includes personal income tax, has increased by 21% to Rs 9.48 lakh crore. Corporate tax collection also increased by more than 6% and it crossed Rs 7.78 lakh crore.
Government big from stock market, STT collection jumped 65%
The government has also benefited from the increasing movement in the stock market. Securities Transaction Tax STT collection has increased by 65% to Rs 49,201 crore in the current financial year. It is clear that people are investing more in the stock market, which is also providing more tax to the government Is.
Refund of Rs 4.10 lakh crore to taxpayers released
The government has issued tax refunds of more than Rs 4.10 lakh crore to Taxpayers.
This amount is 42.63% higher than last year, which suggests that Income Tax Department is now rapidly refunding (ITR refund).
What is the government’s plan next?
The government has set a revised target of Rs 22.37 lakh crore this year, which is more than a budget estimate of Rs 22.07 lakh crore earlier.
- Inquor Tax Estimates of Income Tax – Rs 12.57 lakh crore
- The target of company tax decreased – now Rs 9.80 lakh crore
- STT (Securities Transaction Tax STT) collection estimates – Earlier 37,000 crores was, now it was increased to Rs 55,000 crore.
How will the economy benefit?
- Economic strength: The government will have more money to spend more money on the large infrastructure projects and welfare schemes due to increase in tax collection.
- Control over fiscal deficit: The government will have to take less loans, due to which banks will have more funds to give loans to companies.
- Control on inflation: If fiscal deficit is low, then inflation will also be under control.
India’s economy is increasing rapidly, due to which tax collection is also increasing. It is clear from these figures that the policies of the government are succeeding in strengthening the economy. Increased tax collection, boom in stock market and improvement in refund processing – These are all indications that the Indian economy is getting stronger and will perform better in the coming times.
