Net direct tax collection grows 24 per cent to Rs 8.77 lakh-crore; nears 62 per cent of Budget Estimates

New Delhi, December 12

The net direct tax collection grew 24 per cent to Rs 8.77 lakh-crore in the April-November of the current fiscal, the Finance Ministry said on Monday.

This represents 61.79 per cent of the full-year Budget Estimates (BE) of direct tax collection for 2022-23 (April-March).

“Direct tax collection net of refund stands at Rs 8.77 lakh-crore as of November 30, which is 24.26 per cent higher than the net collection for the corresponding period last year,” the ministry tweeted.

The collection accounts for 61.79 per cent of Budget Estimates for FY 2022-23.

The Budget estimated direct tax collection at Rs 14.20 lakh-crore this fiscal, higher than Rs 14.10 lakh-crore collected last fiscal (2021-22). Tax on corporate and individual income makes up for direct taxes.

Tax collection is an indicator of economic activity in any country.

The collection from the levy of tax on goods and services sold (GST) has flattened to around Rs 1.45-1.50 lakh crore per month.

Refunds amounting to Rs 2.15 lakh-crore were issued between April 1 and November 30, which is about 67 per cent higher than the last year.