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India's gross direct tax collection up 18% yoy to Rs 11.07 lakh crore: Centre

Oct 11, 2023

By: BlinkX Research Team

India's gross direct tax collection increased 17.95% on the year to Rs 11.07 lakh crore in the period from April 1 to October 9, the Ministry of Finance said in a statement on Tuesday.

According to the government release, Direct tax collection, net of refunds, stood at Rs 9.57 lakh crore which is 21.82% higher than the net collections for the same period of last year.

This collection, according to the CBDT, is 52.50% of the total Budget estimates of direct taxes for the financial year 2023-24.

As far as Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections are concerned, the growth rate for CIT is 7.30% while that for PIT is about 29%, the Finance Ministry said on Tuesday.

About 35 lakh cases for issuance of refunds are currently "held up" with the Income Tax Department owing to mismatch and validation of the taxpayers' bank accounts and the taxman is reaching out such assesses via a special call centre, PTI reported.

Nitin Gupta, chairperson, Central Board of Direct Taxes (CBDT) said the department was "in correspondence" with such taxpayers and it is their aim to expeditiously resolve these issues.