Net direct tax mop-up at 81% of Budget target

The income tax (I-T) department said that the net direct tax collection so far this fiscal jumped 19.41 per cent to Rs 14.70 lakh crore, reaching about 81 per cent of the full-year target. The Centre has budgeted to collect Rs 18.23 lakh crore from direct taxes (personal income tax and corporate tax), 9.75 per cent higher than Rs 16.61 lakh crore mopped up last fiscal.

In a statement, the Central Board of Direct Taxes (CBDT) said, “Direct Tax collection, net of refunds, stands at Rs 14.70 lakh crore which is 19.41 per cent higher than the net collection for the corresponding period of last year. This collection is 80.61 per cent of the total Budget Estimates of Direct Taxes for FY23-24.”