Net direct tax mop-up grows 16% to Rs 4.75 lakh crore so far this fiscal

Net direct tax kitty swelled 16 per cent to Rs 4.75 lakh crore so far this fiscal, a reflection of economic activity gaining traction.

The Income Tax department in a statement said the collection has touched 26.05 per cent of the total budget estimates of direct taxes for full 2023-24 fiscal of Rs 18.23 lakh crore.

"Direct Tax collection, net of refunds, stands at Rs 4.75 lakh crore which is 15.87 per cent higher than the net collections for the corresponding period of last year.

Refunds amounting to Rs 42,000 crore have been issued during April 1- July 9, 2023, which are 2.55 per cent higher than refunds issued during the same period in the preceding year.

On a gross basis, collection from direct taxes, which includes income and corporate taxes, grew 14.65 per cent to Rs 5.17 lakh crore.

The 2023-24 budget has pegged direct tax collection at a little over Rs 18.23 lakh crore, a 9.75 per cent higher than Rs 16.61 lakh crore mopped up last fiscal.