New Delhi: India’s net direct tax collection has increased 19 per cent on an annual basis to Rs 14.70 lakh crore till January 11, the official government data showed on Thursday.
The official data also revealed that the tax collection has reached 81 per cent of full-year target.
The government has budgeted to collect Rs 18.23 lakh crore from direct taxes (personal income tax and corporate tax), 9.75 per cent higher than Rs 16.61 lakh crore mopped up in the last financial year.
“Direct Tax collection, net of refunds, stands at Rs 14.70 lakh crore which is 19.41 per cent higher than the net collection for the corresponding period of last year. This collection is 80.61 per cent of the total Budget Estimates of Direct Taxes for FY 2023-24,” PTI quoted the Central Board of Direct Taxes (CBDT) as saying in a statement.
Refunds amounting to Rs 2.48 lakh crore have been issued during April 1, 2023 to January 10, 2024.
On a gross basis, direct tax collection up to January 10, 2024 registered steady growth.
The gross collections are at Rs 17.18 lakh crore, 16.77 per cent higher than the gross collection for the corresponding period of last year.
The growth rate in gross Corporate Income Tax (CIT) and Personal Income Tax (PIT) is 8.32 per cent and 26.11 per cent respectively.
After adjustment of refunds, the net growth in the CIT collections is 12.37 per cent and that in the PIT collections is 27.26 per cent.
(With inputs from agencies)
