Direct tax collections record 17.6% rise to Rs 12.37 lakh crore

New Delhi: The country’s gross direct tax collections have risen to Rs 12.37 lakh crore mark as of November 9 during the current financial year which represents a 17.59 per cent increase over the same period of the previous year, according to data released by the Finance Ministry Friday.

Direct Tax collection, net of refunds, stands at Rs 10.60 lakh crore, which is 21.82 per cent higher than the net collections for the corresponding period of last year. This collection is 58.15 per cent of the total Budget Estimates of Direct Taxes for FY 2023-24.

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The gross Corporate Income Tax (CIT) collection has grown to 7.13 per cent while Personal Income Tax (PIT) shot up by 28.29 per cent. The net growth in CIT collections is 12.48 per cent and that in PIT collections is 31.77 per cent.

Refunds amounting to Rs 1.77 lakh crore have been issued during April 1 to November 9.

IANS