Direct Tax Collection Data: India’s Gross Direct Tax Collections Record 17.6% Rise to Rs 12.37 Lakh Crore During Current Financial Year, Says Finance Ministry
Direct Tax collection, net of refunds, stands at Rs 10.60 lakh crore, which is 21.82 per cent higher than the net collections for the corresponding period of last year. This collection is 58.15 per cent of the total Budget Estimates of Direct Taxes for F.Y. 2023-24.
New Delhi, November 10: The country’s gross direct tax collections have risen to Rs 12.37 lakh crore mark as of November 9 during the current financial Year which represents a 17.59 per cent increase over the same period of the previous year, according to data released by the Finance Ministry on Friday. Direct Tax collection, net of refunds, stands at Rs 10.60 lakh crore, which is 21.82 per cent higher than the net collections for the corresponding period of last year.
This collection is 58.15 per cent of the total Budget Estimates of Direct Taxes for F.Y. 2023-24. The gross Corporate Income Tax (CIT) collection has grown at 7.13 per cent while Personal Income Tax (PIT) shot up by 28.29 per cent. Income Tax Returns: Income Tax Department Processed About 88% of Verified ITRs for AY 2023-24, Says CBDT.
The net growth in CIT collections is 12.48 per cent and that in PIT collections is 31.77 per cent. Refunds amounting to Rs 1.77 lakh crore have been issued during April 1 to November 9.
(The above story first appeared on LatestLY on Nov 10, 2023 04:06 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).