New Delhi: The Ministry of Finance on Friday raised restrictions on spending on several ministries as the latest tax numbers showed a healthy collection, which was seen as a sharp pickup sign in economic activities after brutal waves.
“I can see signs of resurrection and signs of a very clear awakening.
If not, my income collection will not be in place, either GST tax and directly,” said Minister of Finance Nirmala Sitharaman at an event at Chandigarh.
The latest data released by the Department of Income Tax shows that the direct tax collection has dropped 47% to a little under the Crore Rs 6.5 lakh between April and September 22, against around RS 3.3 lakh Crore during the same period.
When compared to the same period in 2019-20, the collection is almost 17% higher, the latest data released by the CUBDT Council (CBDT) shows.
On a year-to-year basis, the number suggested a more healthy 74% leap in a clean collection, with a mop-up, after a refund, added to Rs 5.7 Lakh Crore.
This is 27% higher than the level seen in the 2019-20 financial year.
Healthy growth is also seen in the amount of advance tax.
The second installment, which must be paid this month, showed a 51% increase over the past year and added to more than Rs 1.7 lakh Crore.
The government said this was the Repte “the early months of challenging” the current financial year, when most countries faced the kuncian because of the second wave of Covid-19 infection.
Two installments taken together (June and September) saw Kitty’s face tax swell 56% to more than Rs 2.5 lakh crore.
So far, the income tax department has issued a refund of Rs 75,111 Crore.
The current growth rate in the gross direct tax collection is higher than the 22% increase budgeted for 2021-22.
With the GST collection too back to the level of Rs 1 Lakh, the government believes that it is on its path to meet its income target, which will also help the center meets the 6.8% fiscal deficit target of budgeted expenditures.
The improved collection has produced the Ministry of Finance raised trending in several ministries imposed at the end of June.