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

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.

Top stories
Company

L&T Partners with PS Technology to Revolutionise Railways

6 mins read . 02 Aug 2024 . 12:45 PM

Company

Jindal Saw Q1 FY24 PAT Rises 67% to Rs 441 Cr

4 mins read . 02 Aug 2024 . 12:41 PM

Company

Pfizer Q1 FY25 PAT Zooms 61% to Rs 151 Cr

4 mins read . 02 Aug 2024 . 12:36 PM

Related Blogs
blog-logo

Share Market

blog-logo

9 mins read . 30 Oct 2024

Top Small Finance Bank Stocks in India

  • 0 people read
blog-logo

Insights

blog-logo

10 mins read . 30 Oct 2024

How to do Valuation Analysis of a Company

  • 0 people read
Kickstart your equities journey today You've got this
By submitting this I agree to the terms & conditions