The latest direct tax data released by the Ministry of Finance shows that the growth rate of total revenue has slowed from nearly 40% in June to 23.8% in the financial year to Oct. when the increase is just under Rs 9 lakh. . Total cashback, collection is 16.3% higher at around Rs 7.5 lakh.
From April to September 8, Central Direct Tax Department (CBDT) has estimated total revenue growth at more than 35%, averaging at 30% for the fiscal year to September 17.
Officials say the growth rate will pick up in the coming days as the tax withheld at source is replenished. Besides, net direct tax collection will also increase because the Center is promoting tax refund for taxpayers. The CBDT said that from April to October 8, cashbacks increased by 81% to over Rs 1.5 lakh.
“Processing returns is a priority area and speed has improved. Once the return is over, the growth rates for gross and net revenue will converge,” an employee told TOI.
While the latest data released by Total account control pointing to a 7.7% drop in the Center’s total revenue for the April-August period, officials say it’s not a good idea to read too much into the numbers.
First, the excise collection was reduced by more than 20% due to tax breaks on automotive fuel.
Customs revenue is too fixed, 22% lower at Rs 14,315 crore in August. Officials say that the data only records cash payments and scenarios are also used by businesses to make payments. obligation calculation. In any case, the impact of falling commodity prices is believed to be taking place across several sectors, which has led to macro-level import regulation.
The center expects to generate more revenue than it had forecast at the beginning of the year, and optimism has led to loans in the market as a whole being Rs 10,000 lower than initial estimates. This is despite higher spending on food and fertilizer subsidies.
