Published by: Business desk
Last updated: Sep 18, 2023 5:52 PM IST
The government has issued tax refunds worth Rs 1.22 trillion during the current fiscal year that started on April 1.
Gross tax collected before adjustment of refunds amounted to 9.87 trillion rupees, about 18.3% higher than last year.
Net direct tax collection grew 23.51 per cent to over Rs 8.65 lakh crore till mid-September, driven by higher tax hike by corporates, the Finance Ministry said on Monday.
The net direct tax collection of Rs 8,65,117 crore (as on September 16) 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 for the current fiscal year as of September 16 has grown by over 23.51 percent, the ministry said in a statement.
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 collected in the corresponding period of the previous financial year.
The input tax collection of Rs 3.55 lakh crore as on 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.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)
