The Income Tax department on Monday said it has collected Rs 4.75 lakh crore in direct taxes till July 9, 2023, — nearly 16 percent higher than the collection during the same period in the 2022-23 fiscal. In a press release, the I-T department said direct tax collection so far this year has already touched 26.05 percent of the Budget estimate of Rs 18.23 lakh crore for this fiscal.
"Direct Tax collection, net of refunds, stands at Rs 4.75 lakh crore which is 15.87 percent higher than the net collections for the corresponding period of last year," the press release read.
Between April 1, and July 9, refunds totaling Rs 42,000 crore have been issued, which marks a 2.55 percent rise compared to the refunds issued during the corresponding period of the preceding year, the department said in the release.
On a gross basis, collection from direct taxes, which include income and corporate taxes, grew 14.65 percent to Rs 5.17 lakh crore. The 2023-24 budget has pegged direct tax collection at a little over Rs 18.23 lakh crore — 9.75 percent higher than the Rs 16.61 lakh crore mopped up last fiscal.
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.
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