The government has set a target of receiving Rs 18.23 lakh crore from direct tax collection in the current financial year 2023-24. This is 9.75 percent more than Rs 16.61 lakh crore of the previous financial year 2022-23. Direct taxes include personal tax and corporate tax.

“The net direct tax collection after refunds is Rs 14.70 lakh crore,” the Central Board of Direct Taxes (CBDT) said in a statement. This is 19.41 percent more than the direct tax collection collected during the same period in the last financial year. This is 80.61 percent of the direct tax estimate set in the budget for the financial year 2023-24.

” According to the Income Tax Department, Rs 2.48 lakh crore has been returned to the taxpayers from April 1, 2023 to January 10, 2024. There has been a steady increase in direct tax collections on gross basis till January 10, 2024.

Gross tax collection stood at Rs 17.18 lakh crore. This is 16.77 percent more than the same period of the last financial year. The growth in gross company income tax (CIT) and personal income tax has been 8.32 per cent and 26.11 per cent respectively. After ‘refund’, the net increase in company income tax is 12.37 percent and personal income tax is 27.26 percent.

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