On Monday, the Ministry of Finance disclosed that the government's net direct tax collections have experienced a notable year-on-year increase of 23.5 per cent, amounting to a total of Rs 8.65 lakh crore, for the period spanning from April to September 16.
This surge in tax collection can be attributed to the robust contributions from both corporate taxes, which amounted to Rs 4.16 lakh crore, and personal income taxes, which reached Rs 4.47 lakh crore.
Furthermore, the gross tax collection, before accounting for refunds, achieved an impressive figure of Rs 9.87 lakh crore, reflecting a substantial 18.3 per cent rise compared to the previous year.
It is important to highlight that the government has diligently processed tax refunds, disbursing a total of Rs 1.22 lakh crore in the ongoing fiscal year that commenced on April 1.
The notable increase in direct tax collections represents a positive development for the economy, signalling strong growth among both individuals and corporate entities. These heightened tax revenues provide the government with additional resources to support various developmental initiatives and fulfil fiscal responsibilities within the country.
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