"Direct tax collection net of refund stands at Rs 8.77 lakh crore as of November 30, which is 24.26% higher than the net collection for the corresponding period last year," the ministry tweeted.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/8k5r649
The Union Budget is the annual financial statement presented by the government of India, outlining the government's revenues and expenditures for the upcoming fiscal year. The budget is an important policy document that outlines the government's economic and financial priorities and serves as a blueprint for the country's economic development.
The statement "Net direct tax collection grows 24% to Rs 8.77 lakh crore" refers to the government's revenue from direct taxes, which are taxes paid directly to the government by individuals and businesses. Direct taxes include income tax, corporate tax, and wealth tax. The statement indicates that the net collection of direct taxes has increased by 24% to a total of Rs 8.77 lakh crore. Lakh crore is a unit of measurement in the Indian numbering system, equivalent to 100 crore, or 10 billion.
An increase in net direct tax collection can be a sign of a strong economy, as it suggests that individuals and businesses are earning higher incomes and profits, and are able to pay a larger portion of these earnings in taxes. A growing tax base can also help to provide the government with more resources to fund public services and infrastructure projects.
