India’s gross direct tax collection increased by 17.95 per cent on the year to Rs 11.07 lakh crore in the period from April 1 to October 9, the Ministry of Finance said in a statement on Tuesday.
Net collections stood at Rs. 9.57 lakh crore, 21.82 per cent higher than net collections for the comparable period of last year. This collection is 52.50 per cent of the total Budget Estimates of Direct Taxes for FY 2023-24.
Direct tax collection, net of refunds, stood at Rs 9.57 lakh crore which is 21.82 per cent higher than the net collections for the same period of last year.
This collection, according to the CBDT, is 52.50 per cent of the total Budget estimates of direct taxes for for the nancial year 2023-24.
As far as Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections are concerned, the growth rate for CIT is 7.30 per cent while that for PIT is about 29 per cent.
“We have prepared a figure today which is for tax collection up to October 9, according to that we are growing at 21.78 per cent as compared to last year. It’s a robust growth. If we grow at this level then we can easily achieve or exceed the targetted tax collection of 18.23 lakh crore as mentioned in the budget(FY23-24),” said CBDT Chairman Nitin Gupta.
Over the last few years, various efforts have been made to increase the tax base and improve compliance.
In the entire financial year 2022-23 for example, the total gross GST collection stood at Rs 18.10 lakh crore and the average gross monthly collection for the full year is Rs 1.51 lakh crore. The gross revenues in 2022-23 were 22 per cent higher on a yearly basis.