NEW DELHI: Net direct tax collection for the current fiscal year up to November 9, saw a growth of 22%, reaching Rs 10.60 lakh crore, as per the government data.
This amount represents more than 58% of the full-year Budget target, as announced by the Income Tax department on Friday. According to the statement, net corporate tax collection increased by 12.48%, while personal income tax collection has registered a substantial rise of 31.77%.
The net direct tax collection, after accounting for refunds, stood at Rs 10.60 lakh crore, marking a growth of 21.82% compared to the same period last year. Between April 1 and November 9, 2023, refunds totaling Rs 1.77 lakh crore have been issued by the Income Tax department.
On a gross basis, the collection from direct tax, which encompasses corporate tax and Personal Income Tax (PIT), has surged by 17.59% to reach Rs 12.37 lakh crore. The growth rate for corporate income tax (CIT) stood at 7.13%, while the personal income tax (PIT) recorded a growth rate of 28.29%.
The budget for the fiscal year 2023-24 has projected direct tax collection to surpass Rs 18.23 lakh crore, representing a 9.75% increase compared to the previous fiscal year’s collection of Rs 16.61 lakh crore.