Net direct tax collection so far in this financial year rose by 19.41 per cent to Rs 14.70 lakh crore, reaching about 81 per cent of the full-year target, the Income Tax Department said on Thursday. 

The government has budgeted to collect Rs 18.23 lakh crore from direct taxes (personal income tax and corporate tax), 9.75 per cent higher than Rs 16.61 lakh crore mopped up in the last financial year.   

“Direct tax collection, net of refunds, stands at Rs 14.70 lakh crore, which is 19.41 per cent higher than the net collection for the corresponding period of last year. This collection is 80.61 per cent of the total Budget estimate of direct taxes for FY2023-24,” the Central Board of Direct Taxes (CBDT) said in a statement.   

Refunds amounting to Rs 2.48 lakh crore have been issued during April 1, 2023, to January 10, 2024.   

On a gross basis, direct tax collection up to January 10, 2024, registered steady growth.   

The gross collections are at Rs 17.18 lakh crore, 16.77 per cent higher than the gross collection for the corresponding period of last year.   

Growth rate in gross Corporate Income Tax (CIT) and Personal Income Tax (PIT) is 8.32 and 26.11 per cent respectively.