Direct Tax Collection Rises Nearly 16 Per Cent, Reaching Rs 6.53 Lakh Crore So Far This Fiscal

The gross direct tax collection for the current fiscal year has increased by 15.73 per cent to Rs 6.53 lakh crore as of Thursday (10 August), according to the Income Tax Department.

After adjusting for refunds, the net direct tax collection amounts to Rs 5.84 lakh crore, which is 17.33 per cent higher than the net collections for the same period last year.

"The provisional figures of direct tax collections up to 10 August, 2023 continue to register steady growth," the Central Board of Direct Taxes (CBDT) said in a statement.

The current fiscal's collection accounts for 32.03 per cent of the total budget estimates of direct taxes.

Refunds totalling Rs 69,000 crore have been issued until 10 August, reflecting a 3.73 per cent increase compared to the same period last year.