Net direct tax collections grow 19.05%
The net direct tax collection recorded a strong growth of 19.5% to Rs.5.74 lakh crore as of July 11 in the current financial year (2024-25), compared to the corresponding period of the previous year, as per the latest figures compiled by the Income Tax Department.
The buoyancy in tax collections will help the government control the fiscal deficit as it gears up to present the full budget for 2024-25 on July 23.
Here’s the tax revenue surge:
- Net corporate tax collections from April 1 to July 11 increased 12.5% over the same period last year to Rs.2.1 lakh crore.
- Personal income tax including securities transaction tax rose 24% to Rs.3.64 lakh crore.
- Gross direct tax collections, before refunds, surged 23.2% compared to the same period to Rs.6.45 lakh.
There has also been a 64.5 percent increase in direct tax refunds during the current financial year at Rs.70,902 crore between April 1 and July 11.
The fiscal deficit has been reduced from more than 9 percent of GDP in 2020-21 to the targeted level of 5.1 percent for 2024-25. This has strengthened the macroeconomic fundamentals of the economy.
The hefty Rs.2.11 lakh crore dividend from the RBI and the robust direct tax and GST collections will give the Finance Minister headroom for pushing ahead with policies aimed at accelerating growth and implementing social welfare schemes aimed at uplifting the poor.
Finance Minister Nirmala Sitharaman will present the full budget for 2024-25 on 23rd July. An increase in the exemption limit for income tax to give some relief to the middle class is expected from the upcoming budget.
Meanwhile, the S&P Global Rating raised India’s sovereign rating outlook to ‘positive’ from ‘stable’, citing the country’s improving finances and strong economic growth.
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These stats make no sense to common man who is grabbling with taxes in various forms & untold corruption at every level / daily life of common man.
A country which cannot issue birth certificates with Hindu calendar dates inspite of claiming to be an Hindu party is a shame by itself.
Birth certificate with date, time & location should be made mandatory – another shame on BJP for not doing anything in this aspect