The Income Tax Department is confident that direct tax collections will exceed the budget target for the second consecutive year. This reflects the country’s strong fiscal position driven by robust economic growth.

Net direct tax collection increased by 15.4% from April 1 to November 10

India’s net direct tax collection, which includes corporate tax and individual income tax, rose 15.4 per cent to Rs 12.1 lakh crore during the current fiscal from April 1 to November 10, according to the latest CBDT data.

Government released tax refund of Rs 2.9 lakh crore

Gross direct tax collection during this period grew by more than 21 per cent to Rs 15 lakh crore. The government issued tax refunds of Rs 2.9 lakh crore, which is 53 per cent higher than the same period last year.

Direct tax collection target of Rs 22.07 lakh crore in the current financial year
During the current financial year, the government has set a target of direct tax collection of Rs 22.07 lakh crore. This includes Rs 10.20 lakh crore from corporate tax and Rs 11.87 lakh crore from personal income tax, non-corporate tax and other taxes.

Direct tax collection target set in the Union Budget is Rs 18.23 lakh crore

In the financial year 2023-24, direct tax collection including corporate and personal tax was Rs 19.58 lakh crore, which was Rs 16.64 lakh crore in the previous financial year. During this period, the annual growth rate was 17.7 percent. In the Union Budget 2023-24, the target of direct tax collection was fixed at Rs 18.23 lakh crore and later in the Revised Estimates (RE) it was increased to Rs 19.45 lakh crore.

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The post Direct tax collection may exceed the budget target of Rs 22.07 lakh crore in 2024-25 first appeared on Rightsofemployees.com.

The central government has received great good news before the full budget for the financial year 2024-25. Actually, the government is earning a lot from direct tax and so far this year, it has seen a growth of more than 24 percent. This has been revealed by the latest data.

The figure reached close to Rs 5.75 lakh crore

According to the latest data released by the Central Board of Direct Taxes (CBDT) on Friday, the net direct tax collection has increased by 24.07 percent so far this year to Rs 5.74 lakh crore. This figure is till July 11, 2024. In the same period a year ago, the government had earned Rs 4.80 lakh crore from direct tax.

According to CBDT data, corporate tax has contributed Rs 2.1 lakh crore to this figure of net collection of direct tax. On the other hand, personal income tax has contributed Rs 3.46 lakh crore to the total collection. The personal income tax collection figure also includes the income from securities transaction tax i.e. STT.

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This much was earned in the month of June

The government earned more than Rs 4.50 lakh crore from tax collection in the month of June alone. CBDT figures show that in the month of June, the government got a total of Rs 4.62 lakh crore from the collection of direct taxes. This figure is 20.99 percent more than the income from direct taxes in June 2023. The collections made during the month of June include corporate tax of Rs 1.8 lakh crore and personal income tax of Rs 2.81 lakh crore.

The figure had increased so much last year

Direct tax collection had given great relief to the government during the last financial year as well. During the entire financial year 2023-24, the government’s direct tax collection grew by 17.7 percent on an annual basis and the total figure stood at Rs 19.58 lakh crore. During the last financial year, the contribution of personal income tax was significant in this increase. The contribution of personal income tax in the total collection increased to 53.3 percent, while the contribution of corporate tax decreased to 46.5 percent.

The budget is going to come after a week and a half

This tax collection figure has come at a time when the government is going to present a new budget after about a week and a half from now. The new session of Parliament is starting from July 22 and on the second day of the session i.e. on July 23, Finance Minister Nirmala Sitharaman is going to present the full budget for the financial year 2024-25.

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During the same period, net direct tax collection increased by 160.52 percent in 2022-23 to Rs 16,63,686 crore, which was Rs 6,38,596 crore in 2013-14. The government has set a target of raising Rs 18.23 lakh crore from direct taxes (personal income tax and company tax) in the budget of 2023-24. This is 9.75 percent more than the Rs 16.61 lakh crore raised in the last financial year.

Direct tax collection increased by 173.31 percent in 2022-23

According to CBDT data, gross direct tax collection increased by 173.31 percent in 2022-23 to Rs 19,72,248 crore which was Rs 7,21,604 crore in the financial year 2013-14. With this, the direct tax-GDP ratio increased from 5.62 percent to 6.11 percent. However, the collection cost increased to 0.57 per cent in 2022-23 from 0.51 per cent in 2013-14.

Till December 31, 8.18 crore people filed income tax returns.

Recently, the Finance Ministry said that the number of people filing returns in the country has crossed 8 crores. A record 8.18 crore income tax returns have been filed for the assessment year (AY) 2023-2024 till December 31, 2023, which is 9 percent more than 7.51 crore ITRs filed in the same period of the last financial year.

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The government has set a target of receiving Rs 18.23 lakh crore from direct tax collection in the current financial year 2023-24. This is 9.75 percent more than Rs 16.61 lakh crore of the previous financial year 2022-23. Direct taxes include personal tax and corporate tax.

“The net direct tax collection after refunds is Rs 14.70 lakh crore,” the Central Board of Direct Taxes (CBDT) said in a statement. This is 19.41 percent more than the direct tax collection collected during the same period in the last financial year. This is 80.61 percent of the direct tax estimate set in the budget for the financial year 2023-24.

” According to the Income Tax Department, Rs 2.48 lakh crore has been returned to the taxpayers from April 1, 2023 to January 10, 2024. There has been a steady increase in direct tax collections on gross basis till January 10, 2024.

Gross tax collection stood at Rs 17.18 lakh crore. This is 16.77 percent more than the same period of the last financial year. The growth in gross company income tax (CIT) and personal income tax has been 8.32 per cent and 26.11 per cent respectively. After ‘refund’, the net increase in company income tax is 12.37 percent and personal income tax is 27.26 percent.

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Reached 26.05 percent of the budget estimate

In a statement issued by the Income Tax Department, it was said that in the financial year 2023-24, so far the direct tax collection has reached 26.05 percent of the total budget estimate. This includes income tax and company tax. Direct tax collection after tax refund stood at Rs 4.75 lakh crore. This is 15.87 percent more than the net tax collection in the same period last year.

Issued ‘refunds’ worth Rs 42,000 crore

According to the ministry, during April 1 to July 9 this year, ‘refunds’ worth Rs 42,000 crore have been issued. This is 2.55 percent more than the tax refund received in the same period last year. Gross direct tax collection increased by 14.65 percent to Rs 5.17 lakh crore. Net direct tax collection is estimated to be Rs 18.23 lakh crore in the budget for the financial year 2023-24. This is 9.75 percent more than Rs 16.61 crore for the financial year 2022-23.

The direct tax collection figures for the financial year 2022-23 show that the net collection was Rs 16.61 lakh crore. This is 17.63 percent more than the Rs 14.12 lakh crore of the previous financial year.

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