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There is good news on the direct tax collection front. So far in the current financial year, net direct tax collection has increased by 22 percent to Rs. 10.60 lakh crore has happened. This is more than 58 percent of the target set in the budget. The Income Tax Department said that the company’s net tax collection increased by 12.48 percent and personal tax by 31.77 percent.
The Income Tax Department said in a statement – Direct tax collection after tax refund was Rs 10.60 lakh crore. Which is 21.82 percent more than the collection of the same period of the previous year. This collection is 58.15 per cent of the total target set under the direct collection head for the financial year 2023-24. Between April 1 and November 9, 2023, taxpayers will receive Rs. 1.77 lakh crore has been returned.
Company Collection Status: Direct tax collection on total basis increased by 17.59 percent to Rs. 12.37 lakh crore has happened. Direct collection includes personal income tax and company tax. Company collections increased by 7.13 percent during this period while personal tax increased by 28.29 percent. For the financial year 2023-24 Budget Direct tax collection is estimated to be Rs 18.23 lakh crore. Which in 2022-23 Rs. 16.61 lakh crore is 9.75 percent more than Rs.