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Indian Economy: There has been a great jump in tax collection in the financial year 2022-23. Whether it is about Direct Tax or Indirect Tax, there has been an increase in the collection of both. If the earnings of the corporate sector have increased, then they are paying more tax, then the GST collection has also increased. At the same time there is tremendous growth in Personal Income Tax.
On Sunday, October 9, the Finance Ministry released the direct tax collection data, according to which there has been a jump of 24 percent in the direct tax collection and from April 1, 2022 to October 8, it has been Rs 8.98 lakh crore. In which corporate tax collection has increased by 16.74 percent and personal income tax collection by 32.30 percent. Excluding refunds, the direct tax collection has been Rs 7.45 lakh crore. Which is 16.3 percent more than the corresponding period of the last financial year. The GST collection in September 2022 has been Rs 1,47,686 crore. For the last six months, the continuous GST collection has been more than Rs 1.4 lakh crore.
Tax collection increased but challenges not less!
The tax collection data of any country acts as an indicator of the economic activity of that country. But the pace of industrial production in India is slowing down. The IIP rate is going down. The IIP in July stood at 2.4 per cent. There is also a decline in exports. The trade deficit has doubled in the first six months. The core sector has been at a nine-month low of 9.9 per cent, despite its tax collections picking up.
The pace of development slowed down!
On September 30, 2022, the RBI has reduced the GDP estimate for the current financial year from 7.2 per cent to 7 per cent. Many rating agencies, including the World Bank, have also reduced the growth rate estimate. On the one hand, rating agencies including the Central Bank are reducing the growth rate estimates for the next financial year in addition to the current financial year, but tax collections are increasing.
Corporate – common people upset due to inflation
Commodity prices are skyrocketing after Russia’s attack on Ukraine. From crude oil to natural gas and edible oil prices have increased. So the corporate world is troubled by the rise in the prices of iron ore and other commodities. Because the burden of increased cost is being passed on to the customers. Which is affecting the sales. On the other hand the rupee is depreciating against the dollar. All these reasons put pressure on inflation. The savings of the people are decreasing due to the cost of loans. Because EMI is getting expensive. Despite all these troubles, the tax collection has increased. It is believed that due to increase in earnings of corporates, their tax liability has increased, then personal income tax collection has increased due to AIS (Annual Information System). Tax collections have increased due to the close watch on the annual financial transactions of the taxpayers. But if the pace of development continues to slow down like this, then there can be a brake on the speed of tax collection which can increase the problems of the government.
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