With 22% rise, net direct tax collection touches 52.5% of budget estimate of Rs 18.23 lakh crore

The net direct tax collection increased by 21.82 percent to over Rs 9.57 lakh crore till October 9, helped by good inflow from corporates and individuals, the Finance Ministry said on Tuesday.

With this, the net collection has already reached 52.5 percent of the full-year budget estimate of Rs 18.23 lakh crore. The provisional figures of Direct Tax collections up to 9th October 2023 continue to register steady growth, the statement reads.

As far as the Growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collection is concerned, the growth rate for CIT is 7.30% while for PIT is 29.53%, the statement mentions.

It further mentions after adjustment of refunds, the net growth in CIT collections is 21.39%, and that in PIT collections is 32.51% (PIT only)/ 31.85% (PIT including STT).

Refunds amounting to Rs. 1.50 lakh crore have been issued from 1st April 2023 to 09th October 2023.

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