Net direct tax collection grows 22% to Rs 10.60 Lakh Crore so far


The growth rate for corporation tax (CIT) is 7.13 per cent, while the growth rate for PIT is 28.29 per cent.

New Delhi:

Net direct tax collection rose 22 percent so far this fiscal year to Rs 10.60 lakh crore, crossing 58 percent of the budget target for the full year, the Income Tax Department said on Friday.

Net corporate tax collection grew by 12.48 percent and personal income tax increased by 31.77 percent.

“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 last year.

“This collection is 58.15 per cent of the total budget estimates for direct taxes for the financial year 2023-2024,” the IT department said in a statement.

Refunds totaling Rs 1.77 lakh crore have been issued between April 1 and November 9, 2023.

On a gross basis, collection from direct tax, which includes corporate tax and personal income tax (PIT), rose 17.59 percent to Rs 12.37 lakh crore.

The growth rate for corporation tax (CIT) is 7.13 per cent, while the growth rate for PIT is 28.29 per cent.

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

(With the exception of the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)


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