New Delhi: While opposition parties in India often talks about slowing of economy, the data of income tax department tells a different story. The Income Tax department on Monday confirmed that net direct tax kitty has swelled 16 percent to Rs 4.75 lakh crore so far this fiscal, a reflection of economic activity gaining traction. The GDP isnt growing even at half of the rate, salary hikes are not rising at that rates, but the tax collection is seeing massive rise.
The IT department in a statement said the collection has touched 26.05 percent of the total budget estimates of direct taxes for full 2023-24 fiscal of Rs 18.23 lakh crore.
"Direct Tax collection, net of refunds, stands at Rs 4.75 lakh crore which is 15.87 percent higher than the net collections for the corresponding period of last year.
Refunds amounting to Rs 42,000 crore have been issued during April 1- July 9, 2023, which are 2.55 percent higher than refunds issued during the same period in the preceding year.
On a gross basis, collection from direct taxes, which includes income and corporate taxes, grew 14.65 per cent to Rs 5.17 lakh crore.
The 2023-24 budget has pegged direct tax collection at a little over Rs 18.23 lakh crore, a 9.75 per cent higher than Rs 16.61 lakh crore mopped up last fiscal.
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