Net direct tax collection rises 23.5% to over Rs 8.65 lakh crore – DailyExpertNews

NEW DELHI: The net direct tax Tax collection rose 23.51 per cent to over Rs 8.65 lakh crore till mid-September on the back of higher tax hike by corporates, the Finance Ministry said on Monday.
Net collections have reached 47.45 per cent of the full year (BE) budget estimates of Rs 18.23 lakh crore.
The steady growth in tax collection was helped by a 21 percent growth in the early tax increase. September 15 was the last date for paying the second installment of withholding tax for 2023-2024.
In a statement, the ministry said the net direct tax collection includes corporate income tax (CIT) of Rs 4,16,217 crore and personal income tax (PIT), including Securities Transaction Tax (STT), of Rs 4,47,291 crore.
The net direct tax collection of Rs 8,65,117 crore for the current fiscal grew by over 23.51 per cent as of September 16, the ministry said.
Input tax collections stood at Rs 3.55 lakh crore till mid-September, a growth of 21 per cent against Rs 2.94 lakh crore in the corresponding period of the previous financial year.
The input tax collection of Rs 3.55 lakh crore as of September 16 includes CIT of Rs 2.80 lakh crore and PIT of Rs 74,858 crore.
Till September 16, refunds of around Rs 1.22 lakh crore have been made.
On a gross basis, direct tax collection for the financial year 2023-24 stands at Rs 9.87 lakh crore, a growth of 18.29 per cent over Rs 8.34 lakh crore in the corresponding period of the previous financial year.
In the 2023-2024 budget, direct tax collection has been pegged at just over Rs 18.23 lakh crore, 9.75 per cent higher than the Rs 16.61 lakh crore raised last fiscal.