New Delhi: : The union Finance Ministry updated that the gross direct tax collections in the country grew by 24% so far in the current fiscal year. The gross collection of taxes on corporate earnings rose 16.74% during April 1 to October 8. The gross collection personal income tax jumped 32.30%.
As per the data, Rs 8.98 lakh crore was collected as direct tax between April 1 to October 8, 2022. This is 23.8% higher than the gross collection in the corresponding period a year ago. After adjusting refunds, direct tax collection stood at Rs 7.45 lakh crore. This is 16.3% higher than the net collection for the corresponding period a year ago. This collection is 52.46% of the total Budget Estimates of Direct Taxes for FY 2022-23.
Direct taxes are collected from individuals and companies by the supreme tax body in the country. Direct taxes are directly paid by the tax payers. Direct tax include income tax, corporate tax and estate tax. Indirect tax is not paid directly by a person to the government. Indirect tax is collected by an intermediary such as manufacturer, trader or service provider and passed on to the government. The consumer bears the final economic burden of the tax. Indirect tax includes GST, central excise duty and customs.
Post Your Comments