Direct tax collections cross Rs 11 lakh crore in October, up 18% YoY

In October, the Gross direct tax collections for the fiscal year 2023-24 surpassed the Rs 11-lakh-crore milestone, reaching Rs 11.07 lakh crore as of October 9, as per the announcement from the Finance Ministry on October 10. The ministry\’s statement underscores that the gross direct tax collection in the current financial year has surged by 18 percent in comparison to the same period in the preceding year.

On a net basis, direct tax collections total Rs 9.57 lakh crore, representing a significant increase of 21.8 percent when compared to the previous year, with refunds amounting to Rs 1.5 lakh crore already disbursed.

Direct taxes encompass both corporate income tax and personal income tax. According to the budget presented on February 1, the government\’s targets include collecting Rs 9.23 lakh crore as corporate tax and Rs 9.01 lakh crore as personal income tax for the fiscal year 2023-24.

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