The Income Tax Department expects that the direct tax collection in the current financial year can exceed the budget target of Rs 22.07 lakh crore. This information was given by Central Board of Direct Taxes (CBDT) Chairman Ravi Agarwal. Ravi Agarwal said that there has been an increase in corporate and non-corporate taxes.
The Income Tax Department is confident that direct tax collections will exceed the budget target for the second consecutive year. This reflects the country’s strong fiscal position driven by robust economic growth.
Net direct tax collection increased by 15.4% from April 1 to November 10
India’s net direct tax collection, which includes corporate tax and individual income tax, rose 15.4 per cent to Rs 12.1 lakh crore during the current fiscal from April 1 to November 10, according to the latest CBDT data.
Government released tax refund of Rs 2.9 lakh crore
Gross direct tax collection during this period grew by more than 21 per cent to Rs 15 lakh crore. The government issued tax refunds of Rs 2.9 lakh crore, which is 53 per cent higher than the same period last year.
Direct tax collection target of Rs 22.07 lakh crore in the current financial year
During the current financial year, the government has set a target of direct tax collection of Rs 22.07 lakh crore. This includes Rs 10.20 lakh crore from corporate tax and Rs 11.87 lakh crore from personal income tax, non-corporate tax and other taxes.
Direct tax collection target set in the Union Budget is Rs 18.23 lakh crore
In the financial year 2023-24, direct tax collection including corporate and personal tax was Rs 19.58 lakh crore, which was Rs 16.64 lakh crore in the previous financial year. During this period, the annual growth rate was 17.7 percent. In the Union Budget 2023-24, the target of direct tax collection was fixed at Rs 18.23 lakh crore and later in the Revised Estimates (RE) it was increased to Rs 19.45 lakh crore.
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