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Direct tax collection sees a 45% Surge

Published on June 18, 2022
Current Context: Net direct tax collections for the current fiscal year surged 45% to Rs 3.39 trillion between April 1 and June 16, compared to Rs 2.33 trillion earlier a year ago.
Direct tax collection sees a 45% Surge
  • Besides advance tax collections for the first quarter of this fiscal has increased by 33% and stood at over Rs 1.01 trillion.
  • Apart from that gross collection of direct taxes has increased by 40% for the fiscal stood at Rs 3.69 trillion.
  • Tax collection had been projected at Rs 27.58 trillion in the budget estimates for FY23.
  • That represents 9.6% growth over the Rs 25.16 trillion estimated in the revised estimates for the previous year.
  • In addition to that refunds of Rs 30,334 crore were issued during the period.

Question:

Q.1 According to a recent report, the net direct tax collection has increased by ______ to Rs 3.39 trillion?
a. 50%
b. 45%
c. 35%
d. 20%
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