Business News: Recent figures are giving positive signs of economic stability and improvement in the country. According to the recent data from the Income Tax Department, net direct tax collection has seen a growth of 22.48 per cent in the current financial year 2024-25 till August 11, 2024. This increase takes it to about Rs 6.93 lakh crore, which is an important sign.
Income Tax Department: According to the data released by the Income Tax Department on Monday, this collection includes personal income tax of Rs 4.47 lakh crore and corporate tax of Rs 2.22 lakh crore. In addition, an income of Rs 21,599 crore has been received from Securities Transaction Tax (STT), while Rs 1,617 crore has been received from other taxes (which includes equalization duty and gift tax).
Gross direct tax collection has also seen a significant increase. Gross direct tax collection has increased by 24 per cent to Rs 8.13 lakh crore in the period from April 1 to August 11, 2024. This includes personal income tax of Rs 4.82 lakh crore and corporate tax of Rs 3.08 lakh crore. During this period, refunds of Rs 1.20 lakh crore have been issued, showing an increase of 33.49 per cent.
With these figures, the central government has set a target of raising Rs 22.07 lakh crore from direct taxes for the current financial year 2024-25. These figures show that efforts to improve economic reforms and tax compliance are succeeding and this is a positive sign for the economic stability of the country.