North India Statesman
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News India Live, Digital Desk: Income tax: The economic condition of the Government of India seems to be getting stronger! In the initial 80 days of the current financial year (Financial Year 2024-25), the Central Government has collected a record Rs 5.45 lakh crore through the Income Tax and Corporate Tax. This shows a tremendous increase of 21% compared to the same period last year.
Income tax collection data in detail:
According to the data, by June 9, 2024, the government received a total of Rs 5.79 lakh crore from direct taxes (Direct Taxes – ie Income Tax and Corporate Tax). Out of this, 34,000 crore rupees have been refunded to the taxpayers whose tax was more deducted or who had to get a return. The pure earning that has been earned after reducing the refund is Rs 5.45 lakh crore.
Contribution of corporate tax and personal income tax:
Both corporate tax and individual income tax have an important contribution in this bumper earnings of the government. Talking about gross collection, then Rs 3 lakh crore has come from Corporate Income Tax (CIT) and Rs 2.76 lakh crore from Personal Income Tax (PIT). This includes the earnings from the Securities Transaction Tax (STT), which is counted under individual income tax. This shows that economic activities in the country are intensifying and people are paying more honest tax.
What next? Will the goal be met?
The government has set a target to collect Rs 19.55 lakh crore from direct taxes for this financial year (FY25). In the last financial year (FY24), the government had collected a direct tax of Rs 19.58 lakh crore, which was later revised to Rs 19.78 lakh crore. The initial 80 days figures indicate that the government can easily achieve this goal. This continuous growth in direct taxes reflects the strengthening of the economy and improvement in tax compliance, which is a very good sign for the development of the country.
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