The government earns more from the common man than from the people running multi-crore companies in the country. Yes, it is not us who say it, but the figures released by the government tell it all. The government earns twice as much from personal income tax as it does from corporate tax. According to the data released by the government, there has been an increase of over 22 per cent in the net direct tax collection of the government in the current financial year. Personal income tax accounts for around 65 per cent of the total direct tax collection. Whereas the share of corporate tax is only 32 per cent. Shall we also tell you what kind of figures have emerged regarding net direct tax collection?
Increase of more than 22 percent
In the current fiscal year till August 11, a 22.48 per cent increase in net direct tax collection has been observed. This means that the net direct tax collection figure has increased to around Rs 6.93 lakh crore. According to the government data released on Monday, this tax collection includes personal income tax collection of Rs 4.47 lakh crore. Which is around 65 per cent of the total tax collection. On the other hand, corporate tax collection is Rs 2.22 lakh crore. Which is 32 per cent of the total tax collection. What is special is that personal income tax collection appears to be double that of corporate tax collection.
Earned from here too
The government has received Rs 21,599 crore from Securities Transaction Tax (STT). On the other hand, the government earned Rs 1,617 crore from other taxes (which include equalization tax and gift tax). According to the statement, refunds worth Rs 1.20 lakh crore were issued between April 1 and August 11 this year, which is an increase of 33.49 per cent. Thus, gross direct tax collections rose by 24 per cent to Rs 8.13 lakh crore. The collection includes personal income tax (PIT) of Rs 4.82 lakh crore and corporate tax of Rs 3.08 lakh crore. The government has set a target of collecting Rs 22.07 lakh crore from direct taxes in the current financial year.
