Net direct tax collection rises 16% to Rs 4.75 lakh crore in the current fiscal

The government's net direct tax collections have risen ~16% to Rs 4.75 lakh crore so far this fiscal, on the back of improved economic activity and compliance, according to the official released statement by the Ministry of Finance.

Further, the Central Board of Direct Taxes quoted that the collections touched 26.05% of FY24 budget estimate for direct taxes pegged at Rs 18.23 lakh crore.

In addition to this, refunds amounting to Rs 42,000 crore have been issued during April 01, 2023 to July 09, 2023, which are 2.55% higher than refunds issued during the same period in the preceding year, the government said.

Source: Media Reports