Delhi: Strong collection to enable the government to enable the government to make the exemption limit possible!

Business News Determination !!! GDP for 2022-23 rose 29.66 percent to Rs 10,93,385 crore for 2022-23, which was Rs 8,43,301 crore during the same period last year. With such an increase in tax collection, the government will consider introducing reforms in the coming financial year 2023-24, especially in terms of tax administration. There are indications that the government can increase the tax exemption limit from Rs 2.5 Lakh to Rs 5 Lakh annually. In the near future, sources said that limiting tax evasion is likely to be one of the most important agenda of the new financial year, while e-commerce institutions and online service providers may have strict taxes. India will now have the main focus sector in the new year, with India chaired by G20, the digital economy. Direct and also the indirect tax collection was strong in 2022, suggesting that the economy can be revived after epidemic in the period. Sources in the Ministry of Finance said the increase in tax solution was achieved as a result of the implementation of the performance of the economy, administration and provisions of direct tax laws. The central government set a target of Rs 14,20,000 crore for direct tax collection according to the budget estimate of 2022-23, which is more than the actual collection of Rs 14.10 Lakh-Crore for the previous financial year ended March 31, 2022. Meanwhile, in the current financial year. Sources in the finance ministry said the direct tax collection for the financial year 2022-23 is expected to increase at least Rs 1.5 Lakh Crore as the budget goal. The direct tax collection in 2021-22 was Rs 14,12,422 crore. In 2020-21 he was Rs 9,47,176 crore and in 2019-20 it was Rs 10,50,681 crore. In November 2022, a gross GST income of Rs 1,45,867 crore was raised, which increased by 11 percent year after year. According to official data, the monthly GST income for nine consecutive months was more than Rs 1.4 Lakh Crore. At the same time, the revenue was 20 percent higher than the import of goods than November 2021 and 8 percent more than domestic transactions (including the importation of services). The Ministry of Finance said the increase in inflation and compliance contributed to promoting tax receipts. -Ians CC/ANM shares this story