Page 22 - NIS English Jul 16-31 2024

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bills, getting treatment in a hospital, or taking insurance Revenue Collection (FY 2023-24,
and pension, there were a lot of challenges, but Digital till March 31, 2024)
India has provided solutions to all these problems.

n Gross collection (provisional) in FY 2023-24 was Rs
Tax reforms
The first budget of the 18th Lok Sabha is about to be 23.37 lakh crore which is 18.48 per cent higher than
unveiled. Given this context, people's opinion of taxes FY 2022-23.
after the presentation of the budget in the past is worth n Net collection (provisional) in FY 2023-24 was Rs
paying attention to. There was a general opinion that tax 19.58 lakh crore which is 17.7 per cent higher than
rates in India were very high. Today the situation in India the previous year.
is completely different. Due to the reduction in income tax, n
decrease in corporate tax and GST initiatives the taxes in Refunds increased by 23 percent in FY 2023-24.
India have been reduced a lot, and that burden on citizens Refunds of Rs 3.78 lakh crore were issued in this
has been reduced significantly. It is the result of trust in the financial year which were just Rs 3.08 lakh crore
common citizens that landmark reforms have taken place. in the previous financial year.
The time for tax returns, which earlier used to take up to 90
days, are processed in 24 hours. This was unimaginable
till a few years ago. All these are dimensions related to tax The contribution of direct
reform which are making life easier. taxes to total tax revenue

is also increasing as
Strengthening social security compared to indirect taxes.
The central government is also committed to the social In the financial year 2023-
security of the people living in the city. The central
government has worked seriously to ensure that everyone 24, the share of direct tax in
gets security coverage after the age of 60 years. So far, 6 the government's revenue
crore people in the country have joined the Atal Pension was 57 percent while the
Yojana. This will ensure a regular pension of up to Rs 5 share of indirect tax was
thousand after the age of 60 years. The Pradhan Mantri 43 percent.
Suraksha Bima Yojana has also emerged as a big hope
for the poor living in the city. In this, the insurer has to
pay only Rs 20 premium once a year and in return he gets
a security cover of Rs 2 lakh. Under the Pradhan Mantri
Jeevan Jyoti Bima Yojana, urban poor are provisioned
to only pay Rs. 436 per year. This also gives them an
insurance cover of up to Rs 2 lakh. Through these two
schemes of the central government, till now, eligible
families who have faced any crisis, have received a
claim amount of Rs 17 thousand crore.
Today, whether it is income tax exemption or cheap
treatment facilities, the government is trying to save as
much money as possible for urban families. So far, crores
of poor people in cities have joined the Ayushman Bharat
Yojana. Due to the Ayushman card, the poor have saved
more than one lakh crore rupees that otherwise would have
gone as out-of-pocket expenditure of poor and deprived
families. One lakh crore rupees would have either gone
to doctors or on medicines, which is now being saved by
the poor and the middle class. The Jan Aushadhi Kendras
opened by the Central Government have saved Rs 25

20 New India Samachar July 16-31, 2024