From April to January, net direct tax collection climbed by 19.4%

From April to January, net direct tax collection climbed by 19.4%

From April to January, net direct tax collection climbed by 19.4%

Based on direct tax revenues from April 1 to January 10, the government has around 81% of its Rs 18.2 trillion budget objective accomplished, according to the statistics.

As of January 10 of the current fiscal year, the Indian government's net direct tax receipts have increased by 19.4% year over year to Rs 14.7 trillion ($177.1 billion).

The country's regular financial updates include the information provided by the Finance Ministry.

Based on direct tax collections from April 1 to January 10, the government has collected almost 81% of the Rs 18.2 trillion budget goal for the fiscal year that runs from April to March in India.

According to a Finance Ministry statement, breaking down the numbers reveals that net direct tax collections include corporation tax and personal income tax, which have grown at year-over-year rates of 12.4% and 27.3%, respectively.

The precise sums collected in company and individual taxes, however, were not made public.

Although it is important to note that rising corporate and individual tax collections support the general upward trend, a thorough examination of the tax burden's distribution is made impossible by the lack of precise statistics.

Before accounting for refunds, the government's total tax revenues during that time came to Rs 17.2 trillion, indicating a 17 percent rise over the prior year.

According to the statement, throughout the fiscal year, the government provided reimbursements of Rs 2.5 trillion.