Net direct tax collection rises 16% to Rs. 4.75 lakh crore in the current fiscal

PTI | | Posted by Singh Rahul Sunilkumar

Jul 10, 2023 08:19 PM IST

Net direct tax mop-up grows 16 pc to ₹4.75 lakh crore so far this fiscal.

Net direct tax kitty swelled 16 per cent to 4.75 lakh crore so far this fiscal, a reflection of economic activity gaining traction.

Representative Image
Representative Image

The Income Tax department in a statement said the collection has touched 26.05 per cent of the total budget estimates of direct taxes for full 2023-24 fiscal of 18.23 lakh crore.

“Direct Tax collection, net of refunds, stands at 4.75 lakh crore which is 15.87 per cent higher than the net collections for the corresponding period of last year.

Refunds amounting to 42,000 crore have been issued during April 1- July 9, 2023, which are 2.55 per cent higher than refunds issued during the same period in the preceding year.

On a gross basis, collection from direct taxes, which includes income and corporate taxes, grew 14.65 per cent to 5.17 lakh crore.

The 2023-24 budget has pegged direct tax collection at a little over 18.23 lakh crore, a 9.75 per cent higher than 16.61 lakh crore mopped up last fiscal.

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