Direct tax collections surge 18% up

Gross direct tax receipts totalled Rs 11.1 lakh crore up to October 9, 2023 – nearly 18% higher than the comparable period of last year, official data released showed.

Direct tax collection, net of refunds, was at Rs 9.6 lakh crore, which is 21.8% higher than the net receipts for the comparable period of last year. This collection is 52.5% of the total budget estimates for direct taxes in 2023-24. The growth rate for corporate income tax (CIT) was estimated at 7.3%, while that for personal income tax (PIT) was 29.5%.

Nitin Gupta, chairman Central Board of Direct Taxes, said the department was confident of meeting the budget targets for direct taxes set for the current fiscal year as receipts “as on date” were good.