Direct tax collections poised to surpass budget target for 2024-25
India's net direct tax collections, comprising corporate tax and personal income tax, shot up by a robust 15.4 per cent to Rs 12.1 lakh crore, from April 1 to November 10 during the current financial year, according to the latest figures released by the CBDT.
)
The Income Tax Department expects to surpass the direct tax collection target of Rs 22.07 lakh crore fixed in the Union Budget for the current financial year, according to Central Board of Direct Taxes (CBDT) chairman Ravi Agarwal.
Agarwal told journalists collections from corporate and non-corporate taxes have risen and the Income Tax Department believes that it will cross the budget target for the second year in a row. This reflects the strong fiscal position of the country driven by robust economic growth.
India's net direct tax collections, comprising corporate tax and personal income tax, shot up by a robust 15.4 per cent to Rs 12.1 lakh crore, from April 1 to November 10 during the current financial year, according to the latest figures released by the CBDT.
On a gross basis, direct taxes surged by over 21 per cent to Rs 15 lakh crore on a gross basis during the period. The government issued tax refunds of Rs 2.9 lakh crore which is a 53 per cent increase over the same period last year.
The government's target to collect Rs 22.07 lakh crore during the current financial year comprises Rs 10.20 lakh crore from corporate tax and Rs 11.87 lakh from personal income tax, non-corporate tax and other taxes.
The net direct tax collections for the financial year 2023-24 had also clocked a double-digit growth to exceed the Union Budget Estimates (BE) by Rs 1.35 lakh crore or 7.4 per cent reflecting the strong fiscal position of the country driven by robust economic growth.
The net direct tax collections, comprising corporate tax and personal income tax shot up to Rs 19.58 lakh crore in 2023-24, compared to Rs 16.64 lakh crore in the preceding financial year, representing a double-digit increase of 17.7 per cent.
The target for direct collections was fixed at Rs 18.23 lakh crore in the Union Budget for 2023-24 and later increased to Rs 19.45 lakh crore in the Revised Estimates (RE). The provisional Direct Tax collections (net of the refunds) have exceeded the BE by 7.40 per cent and RE by 0.67 per cent, CBDT said.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
)
)
)
)
)
)
06:51 PM IST
Net direct tax kitty grows 16% to Rs 16.90 lakh crore till January 12: Income Tax Department
Net direct tax collection grows 19% so far in FY'24 to Rs 14.70 lakh crore, 81% of Budget target
Direct tax kitty grows 30% in FY23 to Rs 8.36 lakh cr on higher advance tax mop-up
Net direct tax mop-up grows 74% at Rs 5.70 lakh cr so far this fiscal
Direct tax collections UPDATE: BIG RISE! Rs 1.86 lakh cr - What taxpayers should know
