Centre’s direct tax collection continues to rise, up 14.65% to stand at Rs. 5.17 lakh crore till mid-July

The Indian government has continued to record a rise in direct tax collection between April and July with numbers now 14.65% higher than the corresponding period from last year. The provisional figures shared by the Finance Ministry indicate that gross collections are at ₹5.17 lakh crore as of July 9 this year. Meanwhile net direct tax collection has grown nearly 16% to ₹4.75 lakh crore so far this fiscal.

“Refunds amounting to Rs.42,000 crore have been issued during 1st  April, 2023 to 09th July 2023, which are 2.55% higher than refunds issued during the same period in the preceding year,” the Revenue Department said in an official press note. 

This collection is incidentally 26.05% of the total budget estimates of direct taxes for FY24.

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The 2023-24 budget has pegged direct tax collection at a little over ₹18.23 lakh crore - 9.75% higher than the ₹16.61 lakh crore mopped up last fiscal. India's gross direct tax collection has increased 173%  in the past 10 years to 2022-23.

Data released at the beginning of April (as FY23 concluded) also indicated a 16.97% lead over the budget-estimated ₹11,000 crore - or 0.69% higher than the revised estimate. 

Gross direct tax collection during the last fiscal grew over 20% to ₹19.68 lakh crore. This includes gross corporate tax collection growth of 16.91% at over ₹10.04 lakh crore. Gross personal I-T collection jumped 24.23 to over ₹9.60 lakh crore.

(With inputs from agencies)