Achi news desk-
A lot of money came from income tax
The current government of the country is constantly trying to increase tax collection. Now, amid the elections, good news has come that the government’s direct tax collection has increased by 17.7 percent in 2023-24. Due to this, a lot of money came to the government coffers.
The direct tax collection in the country during the fiscal year 2023-2024 was 19.58 million dollars. While in the previous financial year, the direct tax collection of the government was Rs 16.64 lakh crore. This includes income tax collected from ordinary people and corporate tax collected from corporate companies.
The government released updated data on tax collection on Sunday. The government set the target of collecting direct taxes in the budget amounting to NIS 18.23 million. It was later revised to Rs 19.45 lakh crore. In such a situation, the government’s net direct tax collection exceeds its estimate. In net tax collection, the amount returned to taxpayers is reduced from the total tax received by the government.
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So much money was taken out of the pocket of the common man?
If the direct tax collection is divided into the categories of corporate tax and individual income tax collection, then the gross collection of income tax collected from the individuals was NIS 12.01 million. This is 24.26 percent more than 9.67 lakh crore for 2022-23.
While the net personal income tax collection was NIS 10.44 million. This is 25.23 percent more than the tax collection of 8.33 lakh crore for 2022-23.
How much tax came from companies?
The gross collection of corporate tax reached 11.32 million rupees. This is 13.06 percent more than the 10 lakh crore collection for 2022-23. While the net corporate tax collection was $9.11 million. This is 10.26% more than 8.26 lakh crore for 2022-23.
A total of $3.79 million worth of refunds were issued by the Income Tax Department in the 2023-24 fiscal year. This is 22.74% more than the refund of Rs 3.09 crore issued in the financial year 2022-23.
