New Delhi: Direct tax collection has surged more than 40% to approach RS 9.5 lakh crore (based on net) until mid-December, raising hope that the government can close the year with a higher mop-up than budgeted.
Between April and December 16, with a gross base, the collection increased by around 48% to Rs 10.3 lakh crore.
The reception on the front directly has been very strong so that they have been 60% higher than at the total level of 2020-21, when the Covid-19 outbreak has forced the business to be closed due to locking throughout the country and resulted in widespread lost work and salary deductions.
Recovery in several sectors and people who return to the labor market have helped increase the collection of government revenue, both directly and indirectly the front front front.
The latest numbers came after the government received the installment of the three advance taxes.
In a statement, the Ministry of Finance said that a collection of cumulative advance tax for the first quarter, the second and third financial year is currently estimated at nearly 4.6 lakh crore (until December 16), against RS 3 Lakh Crore a year ago, showed growth of 53, 5%.
With more data from the expected bank in the coming days, the ministry hopes to increase further.
In the NET collection, the company tax is more than RS 5.1 Lakh Crore Accounting for 54% shares, while the remaining 4.3 lakh crore Rs is noted by private income tax, including security transaction tax (STT).
Refunds of Rs 1.35 lakh Crore have been issued so far in the current fiscal.