24% jump in Direct Tax Collection! Collection reached 8.98 lakh crore till 8 October

Direct Tax Collection: From the beginning of this financial year till October 8, 2022, the gross direct tax collection has crossed Rs 8.98 lakh crore. It has registered an increase of 23.8% as compared to last year. This information was given by the Finance Ministry on Sunday.

A growth of 16.3% has been registered in the Net Tax Collection and it has crossed the figure of 7.45 lakh crores. This figure is 52.46% of the estimate of total tax collection for the financial year 2022-23. In such a situation, it is considered quite good.

Registered increase in personal and corporate tax
In the current financial year 2022-2023, an increase of 16.73% has been registered in corporate income tax since April. At the same time, there was an increase of 32.30% in Personal Income Tax. Even after the refund, the net corporate income tax collection for FY 2022-23 grew by 16.29% and personal income tax collection by 16.25%.

Increase in direct tax collection is a good sign
Higher tax collection shows that economic activity has picked up in the country. Despite the slowdown in industrial production and exports in India, tax collections have seen strength. In such a situation, some experts believe that the country has lost its pace in economic growth, but these figures are coming out because of the profits of the companies. Earlier, the Reserve Bank of India had reduced India’s GDP (Gross Domestic Product) estimate from 7.2% to 7%. Along with this, many other global agencies have also reduced the estimate of India’s GDP.

Refund of so many crores issued
According to the Central Board of Direct Taxes, during April 1 to October 8, 2022, the Income Tax Department has issued refunds worth Rs 1.53 lakh crore, which is 81% more than the previous year. Compared to last year, there has been a decline of 3.5% in exports till the month of September this year and with this the trade has doubled in the current financial year. With this, the growth of the basic industry has come down to a nine-month low of 3.3 percent in August.

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