Direct tax collection has increased by 182 percent during the 10-year tenure of the government led by Prime Minister Narendra Modi. Personal income tax collection has almost quadrupled to Rs 10.45 lakh crore in the financial year 2023-24.
Direct tax collection:The Indian government’s net direct tax collection rose 15.4 percent to Rs 12.1 trillion ($143 billion) compared to last year. Giving information about this collection during the period from April 1 to November 10, the Income Tax Department said that direct tax, which includes corporate and personal taxes, grew by more than 21 percent on a gross basis to Rs 15 trillion during this period. The Income Tax Department also said that it has issued tax refunds of Rs 2.9 trillion (Rs 2.92 lakh crore). This is a jump of 53 percent on an annual basis.
Direct tax budget in the current financial year
According to the news, direct tax collection includes net corporate tax of Rs 5.10 lakh crore and non-corporate tax of Rs 6.62 lakh crore. Other taxes worth Rs 35,923 crore were collected. The government has set a budget of collecting Rs 22.12 lakh crore from direct tax in the current financial year, which is 13 percent more than the previous financial year.
Data on Direct Tax (DT) collections for FY 2024-25 as on 10.11.24 has been released.
The data is available on the national website of Income Tax Department at the following link:https://t.co/0VYXLy9x6w@nsitharamanoffc@officeofPCM@FinMinIndia@PIB_India
— Income Tax India (@IncomeTaxIndia) November 11, 2024
Direct tax is a type of duty that is levied directly on the taxpayer and the person on whom it is levied pays it directly to the government. Direct tax is one that the taxpayer cannot pass on to anyone else.
182% direct tax collection in 10 years
Direct tax collection has increased by 182 percent in the 10-year tenure of the government led by Prime Minister Narendra Modi. Personal income tax collection has almost quadrupled to Rs 10.45 lakh crore in the financial year 2023-24. Direct tax collection in the first year of the Modi government in 2014-15 was around Rs 6.96 lakh crore. This included corporate tax of about Rs 4.29 lakh crore and personal income tax of Rs 2.66 lakh crore. The number of income tax returns filed (including revised returns) increased from 4.04 crore in the financial year 2014-15 to over 8.61 crore in 2023-24.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at informalnewz@gmail.com
