The central government received good news before the full financial year 2024-25 budget. The government is earning a lot from direct tax, and this year, it has seen a growth of more than 24 percent. The latest figures reveal this.
The Figure Reached Rs 5.75 Lakh Crore
According to the latest data released by the Central Board of Direct Taxes (CBDT) on Friday, the net collection of direct tax has increased by 24.07 percent to Rs 5.74 lakh crore this year. This figure is as of July 11, 2024. In the same period a year ago, the government earned Rs 4.80 lakh crore from direct tax.
According to CBDT data, corporate tax has contributed Rs 2.1 lakh crore to this net direct tax collection figure. At the same time, personal income tax has contributed Rs 3.46 lakh crore to the total collection. The personal income tax collection figures include Securities Transaction Tax (STT) income.
This Much Income Was Earned In June
The government earned more than Rs 4.50 lakh crore from tax collection in June alone. CBDT figures show that in June, the government got a total of Rs 4.62 lakh crore from direct tax collection. This figure is 20.99 percent more than the income from direct tax in June 2023. The collection during June includes corporate tax of Rs 1.8 lakh crore and personal income tax of Rs 2.81 lakh crore.
The Figure Had Increased This Much Last Year
Direct tax collection also greatly relieved the government during the last financial year. During the entire financial year 2023-24, the government’s direct tax collection grew by 17.7 percent annually, and the total figure stood at Rs 19.58 lakh crore. During the last financial year, the contribution of personal income tax was important in this increase. The contribution of personal income tax in the total collection increased to 53.3 per cent, while the contribution of corporate tax came down to 46.5 per cent.
Budget To Come After One and A Half Weeks
This tax collection figure comes as the government prepares to present a new budget in about one and a half weeks. The new session of Parliament starts on July 22, and on the second day of the session, July 23, Finance Minister Nirmala Sitharaman will present the full budget for the financial year 2024-25.
