Tax Collection Data:  Indian economy is ready to speed up once again. Because, the brakes on it have been removed. The clouds of recession, sluggishness and slowdown have cleared from the economy. Advance tax has increased by 16.8 percent compared to last year. That is, the advance tax collection in this quarter has increased by 16.8 percent from the advance tax collection of Rs 3 lakh 14 thousand in the third quarter of last year. This shows that the economy is returning to the old track again. Till December 15 this year, Rs 7.5 lakh crore has been collected as advance tax, which is 20 percent more than last year. Of 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 a jump more than the mere 5.4 percent increase in GDP in the second quarter.

75% advance tax has to be deposited by 15 December 

The data till 15 December is important for advance tax because 75% of all taxes be it personal income tax or corporate tax have to be deposited till this limit. Therefore, we get a glimpse of the advance tax to be deposited in the entire financial year till 15 December. This also gives us an idea of ​​how much money will come to the government treasury in the form of advance tax. 

Total tax collection will be 33.61 lakh crore 

In the financial year 2024, a collection of about 33 lakh 61 thousand crores is estimated by combining both direct and indirect taxes. Out of these, 18 lakh 23 thousand can be collected as direct tax and 15 lakh 38 thousand crores as indirect tax. Direct tax includes income tax and corporate tax. Indirect tax is called GST, custom duty and excise duty.