Net direct tax collection rises 16% to Rs. 4.75 lakh crore in the current fiscal

Net direct tax mop-up grows 16 pc to ₹4.75 lakh crore so far this fiscal.

Net direct tax kitty swelled 16 per cent to ₹4.75 lakh crore so far this fiscal, a reflection of economic activity gaining traction.

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The Income Tax department in a statement said the collection has touched 26.05 per cent of the total budget estimates of direct taxes for full 2023-24 fiscal of ₹18.23 lakh crore.

"Direct Tax collection, net of refunds, stands at ₹4.75 lakh crore which is 15.87 per cent higher than the net collections for the corresponding period of last year.

Refunds amounting to ₹42,000 crore have been issued during April 1- July 9, 2023, which are 2.55 per cent higher than refunds issued during the same period in the preceding year.

On a gross basis, collection from direct taxes, which includes income and corporate taxes, grew 14.65 per cent to ₹5.17 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.