The government had raised the target for direct tax collection in FY24 (April 2023 to March 2024) to Rs 19.45 lakh crore in the interim Budget presented on February 1.
In the current fiscal year, net direct tax collection has surged by 20 per cent compared to the previous year, reaching Rs 15.60 lakh crore. This figure accounts for 80 percent of the revised budget estimates for the entire fiscal year.
In a statement, the ministry said that the corporation tax (CIT) will be Rs 1,56,949 crore and the personal income tax (PIT) will be Rs 2,22,196 crore, including the Securities Transaction Tax (STT).
Direct tax collection came at Rs 8.98 lakh crore between April 1 to October 8, 2022, 23.8 per cent higher than the gross collection in the corresponding period a year ago.
It is after a long gap that the tax collection is actually lower than the numbers given in the previous year. Already the development has rung the alarm bells that current economic crisis may be deep-seated and take much longer time to recover from.
The report said the department has till now (updated till November 15) made a gross collection of Rs 6.63 lakh crore in the direct taxes kitty this fiscal.
Direct tax collection in the fiscal year just ended has exceeded the targets with a record 6.84 crore income tax returns being filed, officials said today.
Direct tax collections soared 18.2 per cent during the first nine months of current fiscal at Rs 6.56 lakh crore, the finance ministry said today.
The government has collected Rs 4.39 lakh crore in direct taxes, up 15.2 per cent year-on- year, during the first seven months of the current fiscal.
New Delhi: Amid slowing economy, the gross direct tax collection has risen only by 11.58 per cent to Rs 3.37 lakh crore during the April-October period of 2013-14 fiscal.The collections had totalled Rs 3.02 lakh
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