Economy picks up pace after GDP growth rate slows down, know what are the reasons

Tax Collection Data: Indian economy is ready to take off once again. Because, the brake on it has been removed. The clouds of recession, laziness and poverty have gone away from the economy. There has been an increase of 16.8 percent in advance tax as compared to last year. This means that the advance tax collection of Rs 3 lakh 14 thousand in the third quarter of last year has increased by 16.8 percent in this quarter. It seems that the economy is returning to its old track again. This year, till December 15, Rs 7.5 lakh crore has been collected as advance tax, which is 20 percent more than last year. Among these, corporate advance tax is Rs 5 lakh 60 thousand crore and personal income tax is Rs 1 lakh 91 thousand crore. Economists are considering this as a sign of more growth than the mere 5.4 percent growth in GDP in the second quarter.

75 percent advance tax has to be deposited by 15th December

For advance tax, the data till December 15 is important because by this limit, 75 percent of all types of taxes, whether personal income tax or corporate tax, have to be deposited. Therefore, till December 15, one can get a glimpse of the advance tax deposited in the entire financial year. From this it is also known that how much total amount will come to the government treasury with the help of advance tax.

Total tax collection will be Rs 33.61 lakh crore

In the financial year 2024, it is estimated that about Rs 33 lakh 61 thousand crores will be collected from both direct and indirect taxes. Of these, Rs 18 lakh 23 thousand crore can be collected as direct tax and Rs 15 lakh 38 thousand crore can be collected as indirect tax. Direct taxes include income tax and corporate tax. Indirect taxes are called GST, custom duty and excise duty.

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