HomeIndiaDirect tax receipts up 35% to ₹6.48 trillion

Direct tax receipts up 35% to ₹6.48 trillion

New Delhi : Gross direct tax collection of the central government which includes corporate tax and personal income tax increased by over 35% 6.48 trillion so far in this fiscal as compared to the same period a year ago, said an official statement by the Central Board of Direct Taxes (CBDT).

The tax authority said that the provisional direct tax collection figures are recording a steady increase. The latest figures for the current financial year are for the period up to September 8.

After refund, direct tax receipts of Rs. 5.29 trillion which is 30.17% higher than the net collection of corresponding period last year. This collection is 37.24% of the total BE of direct tax receipts for FY23.

Tax refunds worth Rs 1.19 lakh crore have been issued so far in this financial year. This is 65.29% higher than the refunds issued during the corresponding period of the previous financial year.

While corporate tax collections grew by 25.95%, personal income tax collections (including security transaction tax (STT)) grew by 44.37 per cent so far this year as compared to the same period a year ago. After adjustment for refunds, the net increase in corporate tax collection is 32.73% and that in personal income tax collection (including STT) is 28.32%.

According to Amit Singhania, Partner, Shardul Amarchand Mangaldas & Co, the growth in direct tax collections is encouraging and a sign of strong economic growth. Singhania said the growth rate of corporate income tax indicates a jump in the profitability of businesses.

The tax department is taking several measures including expanding the scope of taxes collected or deducted at source to widen and deepen the tax base and widen the scope of data collection. The department also exchanges data with other agencies including indirect tax administration to improve compliance.

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