Net direct tax collection has increased 16% this fiscal year to Rs 4.75 lakh crore

This fiscal year’s net direct tax collection has increased by 16% to a total of Rs 4.75 lakh crore, which is a sign that the economy is picking up steam.

According to a statement from the Income Tax department, collections have reached 26.05 percent of the Rs 18.23 lakh crore total budget projection for direct taxes for the whole 2023–24 fiscal year.

“Direct Tax collection, net of refunds, is Rs. 4.75 lakh crore, 15.87% more than net collections for the same time previous year.

Between April 1 and July 9, 2023, refunds of Rs 42,000 crore were granted, which is 2.55 percent more than what was done during the same time period the year before.

Gross direct tax revenue, which includes income and corporate taxes, increased 14.65% to Rs 5.17 lakh crore.

Direct tax revenue is expected to be just over Rs 18.23 lakh crore in the budget for 2023–24, up 9.75 percent from the Rs 16.61 lakh crore collected in the previous fiscal.