The net direct tax collection for the current fiscal year has witnessed a remarkable growth of 16%, reaching Rs 4.75 lakh crore. This surge in collection serves as a clear indicator of increased economic activity. According to the Income Tax department, this figure accounts for 26.05% of the total budget estimates for direct taxes in the full 2023-24 fiscal year, which has been set at Rs 18.23 lakh crore.
Excluding refunds, the net direct tax collection stands at Rs 4.75 lakh crore, showcasing a notable increase of 15.87% compared to the corresponding period in the previous year. During the period from April 1 to July 9, 2023, refunds amounting to Rs 42,000 crore were issued, indicating a growth of 2.55% compared to the same period last year.
The gross collection from direct taxes, which includes income and corporate taxes, has experienced a robust growth of 14.65% to reach Rs 5.17 lakh crore. This impressive growth further reinforces the positive trajectory of economic recovery.
The budget has set a target for the fiscal year 2023-24 to collect direct taxes exceeding Rs 18.23 lakh crore. This target represents a 9.75% increase compared to the collection of Rs 16.61 lakh crore in the previous fiscal year. The current net collection of Rs 4.75 lakh crore already accounts for 26.05% of the total budget estimates, indicating a strong start towards achieving the fiscal goal.