India’s Net Direct Tax Collection Grows 22% to Rs 10.60 Lakh Crore
New Delhi: India’s net direct tax collections have increased by 22% so far this fiscal year, reaching Rs 10.60 lakh crore. According to the Income Tax Department, this amount covers over 58% of the total budget target for the year.
Breakdown of Tax Growth
The growth is driven by both corporate and personal taxes:
- Net Corporate Tax: Increased by 12.48%.
- Personal Income Tax: Rose significantly by 31.77%.
In an official statement, the I-T department confirmed that the current collection of Rs 10.60 lakh crore is 21.82% higher than the same period last year. This represents 58.15% of the total direct tax goal set in the 2023-24 Budget.
Gross Collections and Refunds
The government also issued Rs 1.77 lakh crore in tax refunds between April 1 and November 9, 2023.
When looking at total collections before refunds (gross basis), the numbers are even higher:
- Total Gross Collection: Rs 12.37 lakh crore (up 17.59%).
- Gross Corporate Tax Growth: 7.13%.
- Gross Personal Income Tax Growth: 28.29%.
Budget Targets
The 2023-24 budget set a direct tax collection goal of just over Rs 18.23 lakh crore. This target is 9.75% higher than the Rs 16.61 lakh crore collected during the previous fiscal year, reflecting the government’s steady expectations for revenue growth.
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