Net direct tax mop-up grows 22 pc to Rs 10.60 lakh cr so far in FY’24, crosses 58 pc of budget target

New Delhi: Net direct tax collection swelled 22 percent so far this fiscal year to Rs 10.60 lakh crore, crossing 58 percent of the Budget target for the full year, the Income Tax department said on Friday.

The net corporate tax collection grew 12.48 percent and personal income tax mop-up rose 31.77 percent.

“Direct Tax collection, net of refunds, stands at Rs 10.60 lakh crore which is 21.82 percent higher than the net collection for the corresponding period of last year.

“This collection is 58.15 percent of the total Budget Estimates of Direct Taxes for F.Y. 2023-24,” the I-T department said in a statement.

Refunds totaling Rs 1.77 lakh crore have been issued between April 1 to November 9, 2023.

On a gross basis, collection from direct tax, which includes corporate and Personal Income Tax (PIT), rose 17.59 percent to Rs 12.37 lakh crore.

The growth rate for corporate income tax (CIT) is 7.13 percent, while that for PIT is 28.29 percent.

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