Increased Tax Collection To Boost Capital Expenditure By 433 pc: FM Nirmala Sitharaman

Nirmala Sitharaman said that the gross direct tax collections for April-January were 16.77 per cent higher than the same period last year and the Centre expected them to rise further.
Direct tax collections, Capital expenditure, Faceless assessment Infrastructure development, Nirmala Sitharaman, capital expenditutre

Increased Tax Collection To Boost Capital Expenditure By 433 pc : FM Nirmala Sitharaman (image source: iStock)

Finance Minister Nirmala Sitharaman said that the Centre is encouraged by the strong growth in direct tax collections to increase its capital expenditure and invest more in infrastructure projects, ET reported.

Direct Tax Collections Up By 16.77 Per cent

Nirmala Sitharaman said that the gross direct tax collections for April-January were 16.77 per cent higher than the same period last year and the Centre expected them to rise further. “With two months left the final numbers will be much higher than that,” she said.
She was addressing the inauguration of the Income Tax office building in Gorakhpur.

Capital Expenditure Increased By 433 Per cent

Sitharaman said that the buoyancy in tax collections gave the confidence to the centre to continue its development expenditure. “It led us to increase the capital expenditure by 433 per cent to Rs 11.11 lakh crore in 2024-25,” she said.

Refunds And Assessments Expedited

Sitharaman said that the Centre had issued refunds worth Rs 2.48 lakh crore from April 2023 to January 2024. She also said that the time for assessment had been reduced.
She said that more than 1.66 crore income tax returns were processed in a single day for 2023-24.

The Faceless Assessment Brings Transparency

Sitharaman said that the introduction of faceless assessment had made the process more transparent and reduced the complaints by 60 per cent.
She said that technology was helping the department to increase collections and improve the taxpayers’ experience.
Sitharaman said that in this year’s interim budget, the Centre had withdrawn outstanding tax demands up to Rs 10,000 (for 2010-15) & Rs 25,000 (for the period up to FY 2009-10). She said that this would benefit one crore small taxpayers.

Infrastructure Development To Improve Public Facilities

Sitharaman said that the Centre ensures that every penny of taxpayers’ money is well utilised and put to the best use in infrastructure development, which works for the larger good of people. She mentioned that in Uttar Pradesh, the Centre had revived the fertiliser factory despite the pandemic. She also said that Prime Minister Narendra Modi had completed the Saryu River project which had benefitted 19 lakh farmers across 6,200 villages and seven districts.
End of Article
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