India’s net direct tax collection so far during the financial year 2023-24 grew 15.87 per cent on-year to Rs 4.75 lakh crore. According to the provisional figures shared by the Finance Ministry, gross collections are at Rs 5.17 lakh crore which is 14.65 per cent higher than the gross collections for the corresponding period of last year.
The ministry, in the release, said that the collection has touched 26.05 per cent of the total budget estimates of direct taxes for the full financial year 2023-24 fiscal of Rs 18.23 lakh crore. It further stated that refunds amounting to Rs 42,000 crore have been issued during the period between April and July 9, 2023. This is 2.55 per cent higher than the refunds issued during the same period last year. Collection from direct taxes, which includes income and corporate taxes, was up 14.65 per cent on a gross basis, at Rs 5.17 lakh crore.
The provisional figures of direct tax collections for FY 2022-23 show that net collections were at Rs 16.61 lakh crore,up 17.63 per cent compared to Rs 14.12 lakh crore in the preceding financial year. The 2023-24 budget has pegged direct tax collection at a little over Rs 18.23 lakh crore, which is 9.75 per cent higher than Rs 16.61 lakh crore in the previous financial year.