The country is seeing a surge in economic activity, which has improved tax revenue. Direct tax collections have increased by 24% to reach Rs 8.77 lakh crore, which is 62% of the budget estimate.
In comparison to the same period in the previous financial year, tax collection climbed at a rate of 24% between April and November of the fiscal year 2022–23.
The government anticipates collecting Rs 14.20 lakh crore . The country is seeing a surge in economic activity, which has improved tax revenue.
Direct tax collections have increased by 24% to reach Rs 8.77 lakh crore, which is 62% of the budget estimate. In 2022–23, up from Rs 14.10 lakh crore the previous year.
Corporate tax and individual income tax are combined to create direct tax collection. The Finance Ministry reports that between April 1 and November 30, refunds totaling Rs. 2.15 lakh crore were made.
The Finance Ministry reports that 6.97 crore taxpayers had submitted income tax returns for the assessment year 2022–23 as of November 30, 2022.
The ministry added that submitting income tax returns has gotten simpler as a result of pre-field data. According to the ministry, 2.42 crore ITRs were also submitted in a single day in 2022–2023, setting a new record.
The government also stated that ITR processing is now proceeding quickly. According to the ministry, the time that used to be 26 days in 2021–2022 has been reduced to 16 days.
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