Net Direct Taxes Up 23% To Rs 6.93 Lakh Crore, Driven By Surge In ITRs

Net direct tax collections in the current financial year surged 23% to approximately Rs 6.93 lakh crore as of Aug. 11, driven primarily by personal income tax receipts, according to government data released on Monday.

The total collection includes Rs 4.47 lakh crore from personal income tax and Rs 2.22 lakh crore from corporate tax. Additionally, securities transaction tax contributed Rs 21,599 crore, while other taxes, including equalisation levy and gift tax, brought in Rs 1,617 crore.

The substantial increase in tax collections followed a surge in income tax returns filed for the 2023-24 fiscal year. By the July 31 deadline, a record 7.28 crore ITRs were submitted by individuals and entities not required to have their accounts audited.

Refunds totaling Rs 1.2 lakh crore were issued between April 1 and Aug. 11, marking a 34% growth.

On a gross basis, direct tax collections rose by 24% to Rs 8.13 lakh crore, with personal income tax and corporate tax contributing Rs 4.82 lakh crore and Rs 3.08 lakh crore, respectively.

The government has set a target to collect Rs 22.12 lakh crore in direct taxes this fiscal, a 13% increase over the previous year.

(With inputs from PTI)