Nov 11, 2023
Direct tax collections up 22% on year
The government’s direct tax collections, net of refunds, came in at Rs 10.60 trillion up to November 9 in the current fiscal year, a release issued by the finance ministry said on Friday. The collections during the period were 21.8% higher year-on-year and constitute 58.2% of the Budget estimates for Direct taxes in FY24.
A growth rate of 21.8% is sharply higher than 11.6% growth rate pegged in the Budget. The Budget has estimated total direct tax collections, which includes Corporate Income Tax and Personal Income Tax, at Rs 18.23 trillion.