Net direct tax collection grows 24 pc to Rs 8.77 lakh cr

New Delhi: 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.

Steady growth in Direct Tax collections!



Net collection in FY 2022-23 is 24.26% higher than the net collection for the corresponding period of the preceding year.

61.79% of Budget Estimates for FY 2022-23 already achieved.#NotJustFinance#AatmanirbharForGrowth pic.twitter.com/ybdnhWL2he

— Ministry of Finance (@FinMinIndia) December 12, 2022

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.