Direct tax collection in April-August surges 33%

Collections from direct taxes in the April-August period touched Rs. 4.80 lakh crore, marking about 33 per cent growth over the Rs. 3.60 lakh crore collected during the corresponding period in the last fiscal.

In an interview, Nitin Gupta, Chairman of the Central Board of Direct Taxes (CBDT), said he is hopeful of crossing the budget target during the current fiscal.  “The budget target for direct taxes is Rs. 14.20 lakh crore. Till date, we have healthy net collections of around 4.80 lakh crore after accounting for the higher refund outgo, which is 80 per cent higher than last year. There is a big buoyancy in the tax collections. If this trend continues in the second instalment as well, we do expect a fairly good collection over and above the budget target,” Gupta said.

During FY22, direct taxes grew by 49 per cent to reach Rs. 14.10-lakh crore.