Net direct tax collection swelled 17.33% to Rs 5.84 lakh crore up to August 10 this fiscal, reaching 32% of the full-year Budget Estimates (BE). The Income Tax department in a statement said the collection from 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 grew 15.73% to Rs 6.53 lakh crore till August 10 in the current fiscal. Refunds to the tune of Rs 69,000 crore 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 collection for the corresponding period of last year, it said. The 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 direct tax collection at a little over Rs 18.23 lakh crore, 9.75% higher than Rs 16.61 lakh crore mopped up last fiscal.