Income Tax: Net Direct Tax Collection has so far increased by 15.87 percent to Rs 4.75 lakh crore annually during the fiscal year 2023–24. The Ministry of Finance’s data indicates that the gross collection is Rs 5.17 lakh crore. In comparison to the same period last year, the gross collection is up 14.65 percent. This makes it obvious that the nation’s economic activity has increased.
Income Tax – Reached 26.05% of the projected budget
According to a statement from the Income Tax Department, direct tax collection has already achieved 26.05 percent of the total budget estimate for the fiscal year 2023–24. This includes personal and corporate taxes. After-tax refunds, direct tax collections totaled Rs 4.75 lakh crore. In comparison to the same period the previous year, this represents an increase in net tax receipts of 15.87%.
‘Refunds’ totaling Rs. 42,000 crores were given out
According to the ministry,’refunds’ totaling Rs 42,000 crore were issued between April 1 and July 9 of this year. In comparison to the tax refund obtained during the same time last year, this is 2.55 percent more. To reach Rs 5.17 lakh crore, gross direct tax receipts climbed by 14.65 percent. The budget for the fiscal year 2023–2024 projects net direct tax receipts of Rs. 18.23 lakh crore. This amounts to Rs 16.61 crore, which is 9.75 percent more than for the fiscal year 2022–23.
The net collection for direct taxes during the fiscal year 2022–2023 was Rs. 16.61 lakh crore. This is an increase of 17.63% above the Rs 14.12 lakh crore from the prior fiscal year.
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