Net direct tax collections rise 22% in current fiscal year

Net direct tax collection surged by an impressive 22 per cent in the current fiscal year, reaching Rs 10.60 lakh crore, surpassing 58 per cent of the annual Budget target, as announced by the Income Tax department on Friday.

Breaking down the numbers, the net corporate tax collection witnessed a commendable growth of 12.48 per cent, while personal income tax collection marked a substantial increase of 31.77 per cent.

The Income Tax department, in a statement, highlighted, "Direct Tax collection, net of refunds, stands at Rs 10.60 lakh crore, which is 21.82 per cent higher than the net collection for the corresponding period of last year. This collection is 58.15 per cent of the total Budget Estimates of Direct Taxes for F.Y. 2023-24."

During the period from April 1 to November 9, 2023, refunds totalling Rs 1.77 lakh crore have been issued, contributing to the overall financial landscape.

Looking at the gross figures, the collection from direct tax, encompassing both corporate and Personal Income Tax (PIT), witnessed a substantial growth of 17.59 per cent, amounting to Rs 12.37 lakh crore.

The growth rate for corporate income tax (CIT) stood at 7.13 per cent, while that for PIT recorded an impressive 28.29 per cent increase.

In the context of the fiscal year 2023-24, the budget has set a target for direct tax collection slightly over Rs 18.23 lakh crore, reflecting a 9.75 per cent increase compared to the Rs 16.61 lakh crore collected in the previous fiscal year.net direct tax collection has surged by an impressive 22 per cent in the current fiscal year, reaching Rs 10.60 lakh crore, surpassing 58 per cent of the annual Budget target, as announced by the Income Tax department on Friday.

Breaking down the numbers, the net corporate tax collection witnessed a commendable growth of 12.48 per cent, while personal income tax collection marked a substantial increase of 31.77 per cent.

The Income Tax department, in a statement, highlighted, "Direct Tax collection, net of refunds, stands at Rs 10.60 lakh crore, which is 21.82 per cent higher than the net collection for the corresponding period of last year. This collection is 58.15 per cent of the total Budget Estimates of Direct Taxes for F.Y. 2023-24."

During the period from April 1 to November 9, 2023, refunds totalling Rs 1.77 lakh crore have been issued, contributing to the overall financial landscape.

Looking at the gross figures, the collection from direct tax, encompassing both corporate and Personal Income Tax (PIT), witnessed a substantial growth of 17.59 per cent, amounting to Rs 12.37 lakh crore.

The growth rate for corporate income tax (CIT) stood at 7.13 per cent, while that for PIT recorded an impressive 28.29 per cent increase.

In the context of the fiscal year 2023-24, the budget has set a target for direct tax collection slightly over Rs 18.23 lakh crore, reflecting a 9.75 per cent increase compared to the Rs 16.61 lakh crore collected in the previous fiscal year.