The Income Tax Department has told that they have received direct tax of Rs 8.98 lakh crore in the first half of the ongoing financial year. This figure is from 1 April to 8 October.
New Delhi. In the current financial year since April, the total tax collection on corporate and personal income has increased by about 24 percent. The Income Tax Department said in a statement that there has been an increase of 16.74 percent in the corporate tax collection during April 1 to October 8. At the same time, there has been a jump of 32.30 percent in personal income tax collection. According to the data, the direct tax collection during April 1 to October 8, 2022 has been Rs 8.98 lakh crore. Which is 23.8 percent more than the collection of the same period last year.
Direct tax includes corporate and personal income tax. The direct tax collection after removal of refunds stood at Rs 7.45 lakh crore, which is 16.3 per cent higher than the collection for the same period a year ago, the statement said. This collection works out to 52.46 percent of the budget estimate for the financial year 2022-23. Tax collection is an indicator of economic activities in any country. Despite the slowdown in industrial production and exports in India, the tax collection figures have remained strong.
Profit making car
Some analysts believe that economic growth has lost its momentum but the engine is running because of corporate profits. The Reserve Bank of India last month slashed its forecast for India’s gross domestic product (GDP) growth for the current financial year to seven per cent from 7.2 per cent. Other rating agencies have also downgraded their growth forecast in view of geopolitical pressure and the tightening global financial situation.
1.53 lakh crore refund issued
The CBDT said that a total refund of Rs 1.53 lakh crore has been issued during the period April 1, 2022 to October 8, 2022, which is 81 per cent more than the refunds issued during the corresponding period of the previous year. The boom recorded last year in the export of goods has stopped in September this year. Commodity exports declined by 3.5 percent in September. The trade deficit has almost doubled in the first half of the current financial year. Industrial production (IIP) growth slowed to 2.4 per cent in July. At the same time, the growth of the core sector has come down to a nine-month low of 3.3 percent in August.
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