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Gross Direct Tax Collections Cross ₹6.10 Lakh Crore Amid Strong Economic Activity
Surge in Government Revenue: The country's net direct tax collection for the current fiscal year has risen by 14.64% to cross the ₹5.21 lakh crore mark as of June 17. Corporate tax has seen a robust increase of 22%, and the government has issued refunds amounting to ₹89,026 crore. With this, the government is moving steadily towards its annual budget target of ₹26.97 lakh crore.
Good news regarding the national budget is that there has been excellent tax collection during this fiscal year with an exceptional increase in revenue within the first two and half months. Government data states that the net income tax collection increased by 14.64% during April 1 to June 17, making the figure exceed ₹5.21 lakh crore. The increase in tax collection signifies that the Indian economy is doing well.
This time around, the corporate sector is at the top, where net corporate tax collection increased by 22% and amounted to ₹2.08 lakh crore. At the same time, net non-corporate tax collection has also increased by 8% and is estimated at ₹2.94 lakh crore. It is essential to keep in mind that non-corporate tax collection includes individuals, Hindu Undivided Families (HUFs), and small businesses.
Gross tax figures are also very strong. During this period, total gross direct tax collection rose by 12.46% to exceed ₹6.10 lakh crore. A breakdown reveals that the corporate tax component exceeds ₹2.76 lakh crore, while the non-corporate tax share stands at approximately ₹3.15 lakh crore.
