Good news related to India’s economy has come out. In the current financial year, till July 13, the country’s net direct tax collection has increased by 16.4 percent to Rs 6.51 lakh crore. This data shows that economic activities are accelerating in the country and there has been an increase in tax payments by companies as well as common taxpayers. Experts believe that this will give more strength to the government to spend on development projects.
According to government data, till July 13, gross direct tax collection increased by 16.11 percent to Rs 7.74 lakh crore. During this period, the government also issued tax refunds worth Rs 1.22 lakh crore, which is 14.57 percent more than last year. After refund, the net tax collection left with the government was Rs 6.51 lakh crore.
Higher income from corporate and non-corporate taxes
This time, the biggest contribution in tax collection was from corporate and non-corporate taxes. After the refund, corporate tax collection increased to Rs 2.40 lakh crore, compared to Rs 1.97 lakh crore in the same period last year. At the same time, non-corporate tax collection also increased to Rs 3.85 lakh crore, which was Rs 3.44 lakh crore last year. This includes tax deposited by individual taxpayers, Hindu Undivided Families (HUF), firms, associations and other entities.
Big jump in STT collection also
The impact of increasing activities in the stock market was also seen on Securities Transaction Tax (STT). Till July 13, the government earned Rs 26,428.96 crore from STT, compared to Rs 17,875.88 crore in the same period last year. It is clear from this that investment and trading activity in the market remains strong.
good sign for the economy
This strong increase in direct tax collection is being considered a good sign for the Indian economy. Increasing tax collection is an indication that business, investment and income are improving. This will strengthen the financial position of the government and will help in investing more in infrastructure, health, education and other development schemes.
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