Net Direct Tax Collection has increased by 19.41% to Rs 14.70 lakh crore in FY23-24. In this way, 81% collection of the target of the financial year has been completed.
The government has set a target of collection of Rs 18.23 lakh crore from direct taxes (personal income tax and corporate tax) in this financial year, which is 9.75% more than the collection of Rs 16.61 lakh crore in the last financial year.
CBDT (Central Board of Direct Tax Collection) said in a statement, ‘Excluding net refunds, direct tax collection is 19.41% more than the same period last year. This collection is 80.61% of the total budget estimate in FY2023-24.
How much is the gross collection?
Refunds worth Rs 2.48 lakh crore have been returned from April 1, 2023 to January 10, 2024. Thus, the gross collection in this financial year has been Rs 17.18 lakh crore, which is 16.77% more than the same period in the last financial year.
Whereas the growth rate in gross corporate income tax and personal income tax is 8.32% and 26.11% respectively.
After refund, the net growth in corporate income tax is 12.37%, while the growth in personal income tax is 27.26%.
