Direct tax collections rise 16% to ₹6.53 lakh crore so far this fiscal

Net direct tax collections swelled 17.33 per cent to ₹5.84 lakh crore so far this fiscal, reaching 32 per cent of the full-year budget estimates (BE).

The Income Tax department in a statement said the collections from direct taxes, which include personal income tax and corporate tax, up to August 10, 2023, continue to register “steady growth”.

On a gross basis, direct tax collection grew 15.73 per cent to ₹6.53 lakh crore till August 10 in the current fiscal. ₹69,000 crore worth of refunds have been issued so far, 3.73 per cent higher than last year.

Net direct tax collection, after adjusting refunds, stands at ₹5.84 lakh crore, which is 17.33 per cent higher than the net collections for the corresponding period of last year, it said.

The net collection is 32.03 per cent of the total budget estimates of direct taxes for the current fiscal of ₹18.23 lakh crore.

The 2023-24 budget has pegged direct tax collection at a little over ₹18.23 lakh crore, a 9.75 per cent higher than ₹16.61 lakh crore mopped up last fiscal.