October 1, 2022
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36% surge in direct tax collections to nearly Rs 6.5 lakh crore

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NEW DELHI: Direct tax collections have shot up 35.5% to almost Rs 6.5 crore thus far within the monetary yr, indicating that income circulation stays sturdy.
Internet collections, after factoring in returns, are estimated to have elevated by over 30% to round Rs 5.3 lakh crore. That is round 37% of the Budget estimate for the complete monetary yr.
“Refunds amounting to Rs 1.19 lakh crore have been issued throughout 1st April, 2022 to eighth September, 2022, that are 65.3% greater than refunds issued throughout the identical interval within the previous yr,” the Central Board of Direct Taxes stated in a press release.
The numbers will present consolation to policymakers searching for to make sure that fiscal deficit stays inside the budgeted stage of 6.4% of GDP regardless of greater spending on meals and fertiliser subsidies and different expenditure.
The Centre is sort of upbeat on the income entrance provided that GST collections have stayed buoyant with the mop-up topping Rs 1.4 lakh crore for the final six months. Primarily based on present traits, the federal government is anticipating to overshoot the full-year goal.
On the direct tax entrance, private earnings tax has gone up by over 44% on a gross foundation (28% internet of refunds), whereas company tax collections thus far within the monetary yr have been up virtually 26% (with internet development of 33%), the assertion stated.
With advance tax collections due by September 15, the federal government is hoping that the momentum on the direct tax entrance continues.

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