Quick Summary
In a significant announcement on February 22, 2024, Finance Minister Nirmala Sitharaman revealed that the Indian governments robust tax revenue has paved the way for substantial increases in capital expenditure and sustained investment in infrastructure development projects. Speaking at the inauguration of a new Income Tax office building in Gorakhpur, Sitharaman highlighted a remarkable 16.77% surge in gross direct tax collections from April to January compared to the previous fiscal year. She
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FAQ :
Capital expenditure is set to increase by a remarkable 433%, reaching ₹11.11 lakh crore for the fiscal year 2024-25.
Gross direct tax collections saw a surge of 16.77% from April to January compared to the previous fiscal year.
The government has disbursed ₹2.48 lakh crore in tax refunds between April 2023 and January 2024, processed over 1.66 crore income tax returns in a single day, and waived outstanding tax demands for small taxpayers.
'Kartavya kaal' refers to the current phase in India, described as the 'era of responsibility', urging stakeholders to contribute to building a 'Viksit Bharat' (developed India) by 2047.
Technological advancements are credited with augmenting tax collections while simultaneously improving taxpayer services, including a 60% reduction in complaints due to the faceless assessment system.
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