The centre collected Rs 6.53 lakh crore as gross direct tax up to August 10, up 15.73 percent than the gross collections for the corresponding period of last year, the Ministry of Finance said. Direct Tax collection, net of refunds, stands at Rs 5.84 lakh crore which is 17.33 percent higher than the net collections for the corresponding period of last year.
This collection is 32.03 percent of the total Budget Estimates of Direct Taxes for FY 2023-24, the statement said.
Refunds amounting to Rs. 0.69 lakh crore have been issued during April 1, 2023 to August 10, 2023, which are 3.73 percent higher than refunds issued during the same period in the preceding year.
India collects direct taxes mainly through corporate and personal income tax.
Despite the GST regime, the government exchequer makes over half of its revenue through direct taxes. Both taxes are collected by the Central Board of Direct Taxes (CBDT), which is a part of the Indian Revenue Service (IRS) under the Ministry of Finance. Direct tax collection in India is carried out through a self-assessment system, where individuals and companies are required to self-assess their tax liability and make the payment accordingly.
(Edited by : Anshul)
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