Centre’s direct tax collection continues to rise, at ₹6.53 lakh crore till August 10

Centre's direct tax collection continues to rise to stand at ₹6.53 lakh crore till August 10.

According to a press release from the Government of India's Ministry of Finance, Department of Revenue, and Central Board of Direct Taxes, provisional numbers for direct tax collections up to August 10 indicated that gross collections were at ₹6.53 lakh crore, or 15.73% more than gross collections for the same period last year.

The amount of direct tax revenue collected, after refunds, is Rs 5.84 lakh crore, which is 17.33% more than the net revenue for the same period previous year. The amount collected makes up 32.03% of the total budgeted direct tax estimates for the fiscal year 2023–2024.

From 1 April 2023 to 10 August 2023, refunds totalling ₹0.69 lakh crore were issued; this is an increase of 3.73% above refunds given during the same time period the year before.

The provisional figures shared by the Finance Ministry last month indicated that gross collections stood at ₹5.17 lakh crore as of July 9 this year.

“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 last month.

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.

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