The time for filing an income tax return is going on, in the meantime, a bumper collection of direct tax has come in the treasury of the government. Net direct tax collection has increased by 16% to Rs 4.75 lakh crore so far in this financial year. Which shows that the wheel of the country’s economy is gaining momentum.
Collection reached 26.05% of budget estimate
The Income Tax Department has issued a statement saying that the collection has reached 26.05% of the total budget estimate of director tax of Rs 18.23 lakh crore for the entire financial year 2023-24. The department has said that ‘Director tax collection, net portion of refund, is Rs 4.75 lakh crore, which is 15.87% more than the net collection of the same period last year.’
Refunds worth Rs 42,000 crore have been issued during April 1 to July 9, 2023, which is 2.55% higher than the refunds issued during the same period last year. Director tax collection on gross basis, which includes income and corporate tax, has increased by 14.65% to Rs 5.17 lakh crore.
Direct tax collections are estimated to be a little over Rs 18.23 lakh crore in the budget for 2023-24, which is 9.75% higher than the Rs 16.61 lakh crore collected in the previous fiscal.