31% Growth In Direct Tax Collections Gives A Much-Needed Boost To Economy

31% Growth In Direct Tax Collections- The Ministry of Finance has announced that gross direct tax collections have increased by 31% to ₹10.54 lakh crore so far this fiscal. This is a significant increase from the corresponding period of last year and is a positive sign for the Indian economy.

The direct tax collections continue to register steady growth as the gross collections till 10 November were at ₹10.54 lakh crore, which is 30.69% higher than the gross collections for the corresponding period of last year. This is a positive sign for the Indian economy and reflects the government’s commitment to improving tax collections.

The Ministry of Finance has announced that gross direct tax collections have increased by 31% to Rs. 10.54 lakh crore during the current financial year. This is 25.71% higher than the collections for the corresponding period last year. The Direct Tax collection, net of refunds, stands at Rs. 8.71 lakh crore which is 61.31% of the total budget estimates of direct taxes for FY 2022-23.

This is a significant achievement considering the impact of the Covid-19 pandemic on the economy. The government is committed to further improving tax compliance and expanding the tax base. These efforts will help in achieving the goal of doubling the income tax base in the next five years and create a more vibrant and sustainable economy.