India's Net Direct Tax Collection Up 23 Per Cent In April-November At Rs 10.64 Lakh Crore; 58.34 Per Cent Of FY24 Budget Estimates

The Ministry of Finance has said that the net direct tax collection for the first eight months of the current fiscal year reached Rs 10.64 lakh crore, accounting for 58.34 per cent of the Budget Estimates (BE).

This figure, recorded from April to November, is 23.4 per cent more than the same period from the previous year.

In the period from April to November, gross collections rose by 17.7 per cent, amounting to Rs 12.67 lakh crore before refunds were issued.

During this time, refunds totaling Rs 2.03 lakh crore were given out for the current fiscal year.

The ministry said that it took special initiative for cases where refunds had failed initially and subsequently issued to validated bank accounts.

For the current fiscal, it is expected hat Rs 18.23 lakh crore will be collected from direct taxes, which include personal income tax and corporate tax, and Rs 15.38 lakh crore from indirect taxes, such as GST, customs, and excise.

Earlier this week, a senior finance ministry official revealed that the government is expected to adhere to the budgeted total tax collection target of Rs 33.61 lakh crore in the revised estimates for the current fiscal year.

So far, there has been an increase of around 20 per cent in direct tax collection and a 5 per cent rise in indirect tax.