New Delhi: New Delhi: The gross direct tax collection in the country surged 17.59% in this financial year. The gross direct tax collection stood at Rs 12.37 lakh crore till November 9 in this financial year. Data released by the income tax department revealed this.
As per the provisional figures of direct tax collection, personal income tax collection registered growth of 31.77% while corporate income tax collection is at 12.48%. Tax refunds of Rs 1.77 lakh crore has been issued so far.
The net direct tax collection, adjusted for refunds, has reached Rs 10.60 lakh crore. This is a growth of 21.82% over the corresponding period last year, constituting 58.15% of the total budget estimates of direct taxes for the financial year 2023–24.
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The growth rate for Corporate Income Tax (CIT) is 7.13% while that for Personal Income Tax (PIT) is 28.29% (PIT only)/ 27.98% [PIT including Securities Transactions Tax (STT)]. After adjustment of refunds, the net growth in CIT collections is 12.48%, and that in PIT collections is 31.77% (PIT only)/ 31.26% (PIT including STT).
The 2023-24 budget has pegged direct tax collection at Rs 18.23 lakh crore, a 9.75% higher than Rs 16.61 lakh crore mopped up last fiscal.
Direct taxes are collected from individuals and companies by the supreme tax body in the country. Direct taxes are directly paid by the tax payers. Direct tax include income tax, corporate tax and estate tax. Indirect tax is not paid directly by a person to the government. The net direct tax collection means the gross tax collection minus the refund.
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