President Murmu to unveil Navy's Stealth Frigate on August 17

President Murmu will inaugurate the Navy's state-of-the-art stealth frigate on August 17. In a significant fiscal update, the Income Tax department revealed that gross direct tax collection surged by 15.73 percent, reaching Rs 6.53 lakh crore by August 10 in the ongoing fiscal year. Impressively, net direct tax collection, factoring in refunds, reached Rs 5.84 lakh crore, marking a notable 17.33 percent increase compared to the same period in the previous year. The Central Board of Direct Taxes (CBDT) conveyed in a statement that the provisional data for direct tax collections up to August 10, 2023, indicates consistent growth.

Remarkably, the aggregate collected amount represents 32.03 percent of the total budget estimates for direct taxes for the current fiscal year 2023-24. The administration has also disbursed refunds totaling Rs 69,000 crore as of August 10, reflecting a 3.73 percent rise in comparison to refunds issued during the corresponding period last year. This uptick in tax collection and refund distribution underscores the resilience and upward trajectory of the fiscal landscape.

President Murmu's imminent launch of the Navy's cutting-edge stealth frigate highlights the nation's commitment to advancing its naval capabilities. Simultaneously, the robust growth in direct tax collection exemplifies the nation's economic progress and the government's effective fiscal management. As the financial year continues, these promising trends set a positive tone for the nation's economic outlook, fostering optimism for sustained development.