Before the fiscal year ends, there is good news for the government. Before the fiscal year ends, there is good news for the Modi administration. Tax revenue for the government is steadily rising.
Straightforward Tax Collection:
Before the fiscal year ends, the government has some good news. Before the fiscal year ends, the Modi administration has some good news. Tax revenue for the government is steadily rising. When compared to the same period of the previous fiscal year, the country’s direct tax collection increased by 16.2 percent during the current fiscal year, reaching Rs 25.86 lakh crore as of March 16.
The amount of direct taxes collected by the government has grown.
Corporate tax, personal income tax, and securities transaction tax are examples of direct taxes. Corporate tax revenue reached Rs 12.40 lakh crore as of March 16 of this year, up from Rs 10.1 lakh crore during the same time of the previous fiscal year.
During the same period last fiscal year, personal income tax collection increased from Rs 10.91 lakh crore to Rs 12.90 lakh crore. The amount collected from securities transaction taxes (STTs) also increased significantly, from Rs 34,131 crore to Rs 53,095 crore during the same period in the previous fiscal year. Wealth tax and other taxes experienced a slight decrease, going from Rs 3,656 crore to Rs 3,399 crore.
The amount of refunds increased by 32.51% to Rs 4.6 lakh crore.
After subtracting refunds, net direct tax collection was Rs 21.26 lakh crore, up 13.13 percent from Rs 18.8 lakh crore during the same period of the previous fiscal year. With the government raising more money to engage in large infrastructure projects to spur economic growth and pursue social programs for the needy, the spike in tax collection demonstrates a sound macroeconomic financial situation.
Additionally, it aids in controlling the fiscal imbalance. Large corporations can borrow more money and make investments in the banking system when the government has to borrow less due to a smaller budget deficit. As a result, the pace of economic growth rises and more jobs are created. Additionally, a smaller budget deficit maintains inflation under control, fortifying the economy’s foundation and guaranteeing steady growth.
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