According to the data released by the Ministry of Finance, collection from direct tax rose 17.59% to Rs 12.37 lakh crore on a gross basis.
representational image (iStock photo)
Direct tax collection up to November 9 this year registered a steady growth at Rs 10.60 lakh crore, which is 21.82% higher than the gross collection in the corresponding period last year.
According to the data released by the Ministry of Finance, collection from direct tax rose 17.59% to Rs 12.37 lakh crore on a gross basis.
It further said that about Rs 27,000 crore of tax refunds were remitted to taxpayers over the past month, taking the total refunds for the year so far to Rs 1.77 lakh crore.
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The pace of growth in the net direct tax kitty was 21.8% a month ago, indicating a good momentum.
The ministry further informed that in terms of gross revenue collections, the growth rate for Corporate Income Tax (CIT) is 7.13% while that for Personal Income Tax (PIT) the figure is 28.29%.
“After adjustment of refunds, the net growth in CIT collections is 12.48% and that in PIT collections is 31.77%,” the ministry said.
It is worth mentioning that India’s direct tax collection till October 9 rose 21.82% YoY at Rs 9.57 lakh crore in the current fiscal till October 9, according to the Central Board of Direct Taxes.
In September, gross tax collections grew by a healthy 15.8%, resulting in the government’s tax revenue growing at a robust 16.3% in the first half of the year. This was in sharp contrast to the Union Budget which had factored in tax revenues to grow at around 10%.
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