Net Direct Tax Collection increased by 22 percent, figure may reach Rs 18.23 lakh crore by the end of FY24

The Income Tax Department on Friday informed that the net direct tax collection has increased by 22 percent to Rs 10.60 lakh crore so far in the current financial year, which has crossed 58 percent of the budget target for the entire year. Whereas net corporate tax collection increased by 12.48 percent and personal income tax collection increased by 31.77 percent.

The IT department has informed that the direct tax collection, net of refunds, is Rs 10.60 lakh crore, which is 21.82 percent higher than the net collection for the same period last year. This collection is 58.15 percent of the total budget estimate of direct taxes for the financial year 2023-24. Apart from this, a total of refunds worth Rs 1.77 lakh crore have been issued between April 1 and November 9, 2023.

Collections from direct taxes on a gross basis, which includes corporate and personal income tax (PIT), increased by 17.59 percent to Rs 12.37 lakh crore. Whereas the growth rate of Corporate Income Tax (CIT) is 7.13 percent, while the growth rate of PIT is 28.29 percent.