India growing on its tax collection path
The Finance Ministry has released the data of net collection today (i.e.12 December) for the period of April to November. India’s net direct tax collection grew by 24% to Rs 8.77 lakh crore in the April-November of the ongoing fiscal.
After this quick move the direct tax collection has extended to around 61.79% of the full-year Budget Estimates (BE) for FY2023.
Direct tax collection net of refund registers at Rs 8.77 lakh crore as last date in November and that is 24.26 per cent higher than the net collection for the corresponding period last year.
The growing collection accounts for 61.79% of Budget Estimates for FY 2022-23.
The Budget anticipated direct tax collection at Rs 14.20 lakh crore this fiscal, higher than Rs 14.10 lakh crore collected last fiscal (2021-22).
Direct Taxes and its significance:
Tax on corporate and individual income represents for direct taxes. For examples, income tax, real property tax, personal property tax and taxes on asset etc.
The collection of tax is main sources of income for Government of India.
Tax collection indicates economic activity in any country.
Refunds and other details:
The finance ministry notified that 66.92% higher refunds had been issued up to November 30, 2022 during FY 2022-23 in comparison to the corresponding period in the preceding year.
The collection from the levy of tax on goods and services sold (GST) has registered same to around Rs 1.45-1.50 lakh crore per month.
Refunds amounting to Rs 2.15 lakh crore have been paid between April 1 and November 30 and the paid refunds are 67 per cent higher than the last year.
Question & Answer:
Q1. How much amount collection have been made as direct tax for April to November 2022?
Ans. Rs. 8.77 lakh crore
Q2. How much percent growth has been seen in the collection of direct tax for this fiscal year compared with previous corresponding year?
Q3. What is the estimation for direct tax collection for fiscal year 2022-23 in the budget?
Ans. Rs. 14.20 lakh crore