The Income Tax division said that the Gross direct tax assortment grew 15.73 per cent to Rs 6.53 lakh crore until August 10 in the current fiscal. After accounting for refunds, the web direct tax assortment is Rs 5.84 lakh crore, which is 17.33% larger than the web collections for a similar interval the earlier yr, it added. (*16*)
“The provisional figures of direct tax collections up to August 10, 2023, continue to register steady growth,” the Central Board of Direct Taxes (CBDT) mentioned in an announcement.Â
The assortment is 32.03 per cent of the entire funds estimates of direct taxes for the current fiscal 2023-24. As of August 10, refunds amounting to Rs 69,000 crore had been issued, which is 3.73 per cent greater than what was issued throughout the identical time final yr.
‘Govt misplaced Rs 1 lakh cr in taxes in FY’21 due to company tax reduce’
Earlier this week, the finance ministry said that the federal government misplaced a bit of over Rs 1 lakh crore in 2020-21 on account of a reduce in company taxes. In September 2019, the federal government introduced a discount in base company tax for then-existing corporations to 22 per cent from 30 per cent, and for brand new manufacturing companies, integrated after October 1, 2019, to 15 per cent from 25 per cent.
In a written reply in the Rajya Sabha, Minister of State for Finance Pankaj Chaudhary had mentioned the estimated income loss (due to discount in company tax) in FY 2020-21 has been reestimated to be Rs 100,241 crore. In February, the Minister had knowledgeable Parliament that the income loss in the 2019-20 fiscal due to a discount in company tax fee from 30 per cent to 22 per cent was Rs 1,28,170 crore.
(With PTI inputs)Â
