The government recently released numbers showing how much tax revenue they collected in the current financial year so far (April to September 2023). According to the data, the total tax collections have increased compared to the same period last year.

There are two main types of taxes - taxes paid by companies which is called Corporation Tax, and taxes paid by individuals which includes Income Tax and Securities Transaction Tax (tax on stock market investments).

Both Corporation Tax and Individual Tax collections have increased this year compared to last year. Corporation Tax collections were Rs. 4,16,217 crore and Individual Tax collections were Rs. 4,47,291 crore.

In total, the gross tax collections (before refunds) were Rs. 9,87,061 crore this year, which is 18% more than last year.

Within Individual Taxes, most came from taxes deducted directly from people's salaries by their employers every month. Advance taxes paid by companies and individuals before the end of the financial year were also high.

The government has also paid tax refunds worth Rs. 1,21,944 crore so far this year to taxpayers who overpaid or made mistakes in their tax filings.

In summary, both corporate and individual tax collections are up this year compared to last year due to economic recovery. This means higher tax revenues for the government which they can use for development programs.