Economic Boom Propels Direct Tax Collection

New Delhi: Central Board of Direct Taxes (CBDT) chief Nitin Gupta on Wednesday said that with the economy doing well, the government is expected to exceed the Rs 18.23 lakh crore direct tax collection target set for the current fiscal. As per the government data, the net direct tax collection between April 1 and November 9 this fiscal has swelled 22 per cent to Rs 10.60 lakh crore.

“We will exceed the Budget target. The economy is doing well, and we will get a better picture of full-year tax collection once the third instalment of advance tax numbers comes in by December 15. On a gross basis, the direct tax collection has been growing at 17-18 per cent, while on a net basis, we are growing at 22 per cent,” Gupta told reporters after inaugurating the taxpayers’ lounge at the India International Trade Fair (IITF) here.

The 2023-24 Budget has pegged direct tax collection at Rs 18.23 lakh crore, 9.75 per cent higher than Rs 16.61 lakh crore in the last fiscal. “We are also issuing refunds simultaneously. So, we have no doubt about tax collection exceeding estimates. Refunds totalling Rs 1.77 lakh crore have been issued between April 1 and November 9,” Gupta said.