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The Union government’s net direct tax collection grew 15.4 percent on year to ₹12.1 lakh crore rupees during the period April 1-November 10, according to a statement.
Direct taxes, which include corporate and personal tax, grew over 21 per cent to ₹15 lakh crore on a gross basis during the period, the statement issued by the Income Tax Department said. Further, it said that it had issued tax refunds of ₹2.9 lakh crore.
Healthy tax collection helps the government meet its fiscal deficit target for a particular year. The Centre is eyeing a 4.9 per cent fiscal deficit target for FY25 as indicated in the July Budget.
Direct taxes, which are levied on the income or profit of a person, are directly paid by an individual or entity to the government without any intermediaries
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