Net direct tax collection rises 19% till January 11, reaches 81% of FY24 target
- IBEF
- January 12, 2024
As of January 11, India's net direct tax collection has recorded a substantial 19% year-on-year increase, totaling US$ 177.2 billion (Rs. 14.70 lakh crore), as per official government data released on Thursday. This achievement signifies that the tax collection has reached 81% of the full-year target. The government's budget projection aims to collect US$ 219.7 billion (Rs. 18.23 lakh crore) from direct taxes, encompassing personal income tax and corporate tax, indicating a 9.75% rise from the previous fiscal year's collection of US$ 200.2 billion (Rs. 16.61 lakh crore).
The Central Board of Direct Taxes (CBDT) reported, "Direct Tax collection, net of refunds, stands at Rs. 14.70 lakh crore, which is 19.41% higher than the net collection for the corresponding period of the previous year. This collection represents 80.61% of the total Budget Estimates of Direct Taxes for FY 2023-24," according to a statement quoted by PTI. This robust performance in direct tax collection underscores India's economic resilience and the government's proactive fiscal management in the ongoing fiscal year.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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