Huge Jump In Direct Tax Collection, Increased By 24 Percent

Huge jump in Direct Tax Collection, increased by 24 percent to close to 9 lakh crores.

The Central Board of Direct Taxes (CBDT) said on Sunday that there has been a 23.8 percent increase in gross tax collection since the beginning of this financial year.

The increase in tax collection shows the strength of the Indian economy.

In the direct tax collection data released by the government, it has been told that between April 1 and October 8, there has been an increase of 16.74 percent in corporate tax and 32.30 percent in personal income tax collection as compared to last year.

Direct tax collection of close to 9 lakh crore.

In this financial year, between April 1 and October 8, direct tax collection has reached Rs 8.98 lakh crore, which is 23.8 percent more than last year.

On the other hand, if refunds are excluded from this, then the direct tax collection inclusive of corporate tax and personal income tax reaches Rs 7.45 lakh crore and which is 16.3 percent higher than last year.

A statement issued by the CBDT said that the total tax collection so far is 52.46 percent of the budget estimate.

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Huge jump in Direct Tax Collection: Fast-growing GDP.

According to the data released by the MSO in August, the Indian economy grew by 13.5 percent in the first quarter of this fiscal as compared to last year.

With this, India’s economy is developing at the fastest rate among the major economies.

However, to control the rising inflation due to the Russia-Ukraine war, the RBI is continuously increasing the interest rates, due to which India’s growth rate is likely to come down in the future.

In the monetary policy released in September, the RBI lowered India’s growth forecast from 7.2 percent to 7 percent.

Along with this, major rating agencies are currently reducing India’s growth rate estimates due to global instability.

Rating agencies say that due to the slowdown in the global economy, there will be less demand for Indian goods abroad, due to which the pace of the Indian economy may slow down a bit.

However, he says that there is no possibility of any reduction in the demand coming from Indian consumers.