Government of India has once again created a new record in income tax. Revenue from direct taxes like income tax has increased by around 20 per cent in FY 2023-24. Due to this, the government’s direct tax collection has increased by about Rs 3 lakh crore compared to the previous financial year 2022-23.
People who pay income tax or other direct taxes. The government earns a lot from it. The provisional direct tax collection figures released by the government in the financial year 2023-24 revealed that the government’s tax collection has increased by 19.88 per cent, i.e. nearly 20 per cent, as compared to 2022-23. If we compare the money coming into the government exchequer in both the financial years, the government’s earnings in 2023-24 have increased by more than 3 lakh crore rupees.
The figures released by the government are only till March 17 of the current year. While the last date for the financial year 2023-24 is 31 March 2024. The new financial year 2024-25 will start from April 1 next. In this situation, the direct tax collection of the government may still increase a little more.
So much money came into the government treasury
In a statement released on Tuesday, the Central Board of Direct Taxes (CBDT) said that the government has received Rs 18,90,259 crore as direct tax till March 17 in the current financial year. While in the financial year 2022-23 this amount was Rs 15,76,776 crore. In this way, the direct tax collection of the government has increased by 3.13 lakh crore rupees.
The direct tax collection of the government in the form of corporate tax is Rs. 9,14,469 crores have been received. While the income tax collected from individual taxpayers to the government is Rs. 9,72,224 crores have been received.
The CBDT clarified that, till March 17, the government has also received about Rs 3.37 lakh crore as income tax refund. If these are combined, the gross direct tax collection of the government comes to Rs 22.27 lakh crore. Which is 18.74 percent more than the gross direct tax collection of 2022-23. For the entire financial year i.e. up to 31 March 2024, the government has allocated a total of Rs. 19.45 lakh crore expected tax collection.
GST is also generating huge revenue
Not only direct taxes, the government is also getting huge revenue from indirect taxes like GST. In February alone, the government’s Goods and Services Tax i.e. GST collection was Rs. 1.68 lakh crore was. While the GST collection in the 11 months of the current financial year 2023-24 has been Rs 18.40 lakh crore.
. Source
