India to exceed ₹18.23 lakh crore full-year direct tax collection target: CBDT chairman Nitin Gupta

The government will exceed the ₹18.23 lakh crore direct tax collection target set for the current fiscal, Central Board of Direct Taxation (CBDT) chairman Nitin Gupta said on Wednesday.

"We will exceed the Budget target. The economy is doing well, and we will get a better picture of full-year tax collection once the third installment of advance tax numbers come in by December 15," Gupta told reporters in New Delhi.

As per government data, the net direct tax collection between April 1 and November 9 this fiscal has swelled 22% to ₹10.60 lakh crore. "On a gross basis, the direct tax collection has been growing at 17-18%, while on a net basis, we are growing at 22%.

We are also issuing refunds simultaneously. So, we have no doubt about tax collection exceeding estimates," Gupta said after inaugurating the taxpayers' lounge at the India International Trade Fair (IITF).

Refunds totalling Rs 1.77 lakh crore have been issued between April 1 and November 9. The 2023-24 Budget has pegged direct tax collection at ₹₹18.23 lakh crore, 9.75% higher than ₹16.61 lakh crore in the last fiscal.