Net direct tax mop-up grows 17% to Rs 5.84 lakh crore so far this fiscal, 32% of full year target

Net direct tax collection has increased by 17.33% to Rs 5,84 lakh so far this financial year, reaching 32% of the full year budget estimate (BE).
The Income Tax Department said in a statement that direct tax revenues, including personal income tax and corporate tax, through August 10, 2023, continue to increase.
On a compounding basis, direct tax collection has increased by 15.73% to Rs 6.53 lakh as of August 10 of the current financial year. So far, Rs 69,000 cashback has been issued, 3.73% more than last year. He said net revenue from direct taxes, after adjusting for refunds, stood at Rs 5.84 lakh, 17.33% higher than net receipts in the same period last year. The net revenue is 32.03% of the total direct tax budget estimate for the current financial year of Rs 18.23 lakh. Budget 2023-24 fixes direct tax collection at just over Rs 18.23 lakh, 9.75% higher than Rs 16,61 lakh collected in the previous financial year.