Direct tax collection for FY24 is increased by 21% to Rs 13.70 lakh crore

Business Desk: Net direct tax collection has increased by 20.66 percent so far in the current financial year to more than Rs 13.70 lakh crore. The Income Tax Department on Monday said that till December 17, 2023, Rs 6.95 lakh crore was received from corporate tax (CIT) out of the net direct tax collection of Rs 13,70,388 crore. The share of personal income tax (PIT) stood at Rs 6.73 lakh crore. This includes securities transaction tax.

Net direct tax collection in the current financial year has reached 75 percent of the budget estimate. Rs 18.23 lakh crore is expected to be collected from direct taxes in the current financial year. This includes personal income tax and corporate tax. In the financial year 2023-24, till December 17, 2023, ‘refunds’ worth more than Rs 2.25 lakh crore have also been issued.

The Central Board of Direct Taxes (CBDT) said in a statement that the net direct tax collection till December 17 in the financial year 2023-24 stood at Rs 13,70,388 crore, which was Rs 11,35,754 crore in the same period of the last financial year. Also, read this.