BENGALURU: The government’s net direct tax collections increased 17.33% to Rs 5.84 lakh crore so far this fiscal, reaching 32% of the full-year budget estimates (BE). The Income Tax department in a statement said the collections from the direct taxes, which include personal income tax and corporate tax, up to August 10, 2023, continue to register “steady growth”.
On a gross basis, direct tax collection increased 15.73% to Rs 6.53 lakh crore till August 10 in the current fiscal. Rs 69,000 crore worth of refunds have been issued so far, 3.73% higher than last year.
Net direct tax collection, after adjusting refunds, stands at Rs 5.84 lakh crore, which is 17.33% higher than the net collections for the corresponding period of last year, it said.
The government’s net collection is 32.03% of the total budget estimates of direct taxes for
the current fiscal of Rs 18.23 lakh crore. The 2023-24 budget has pegged the government’s direct tax collection at a little over Rs 18.23 lakh crore, a 9.75% higher than Rs 16.61 lakh crore mopped up last fiscal.