Net direct tax mop-up grows 17% to Rs 5.84 lakh crore so far this fiscal, 32% of full year target

Net direct tax collections swelled 17.33 per cent to Rs 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 Rs 6.53 lakh crore till August 10 in the current fiscal. Rs 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 Rs 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 Rs 18.23 lakh crore.

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