Net direct tax collection in the eight months of the current fiscal touched 58.34 per cent of Budget Estimates (BE) at Rs 10.64 trillion.
The net tax collection for April-November stood at Rs 10.64 trillion, which is 23.4 per cent higher than the corresponding period of last year, the Ministry of Finance said.
Click here to follow our WhatsApp channel
Gross collections, before issuing refunds, grew 17.7 per cent to Rs 12.67 trillion in the April-November period.
Refunds amounting to Rs 2.03 trillion issued from April to November of the current fiscal.
Special initiative was taken for cases where refunds had failed initially and subsequently issued to validated bank accounts, the ministry said.
In the current fiscal, Rs 18.23 trillion is expected to be collected in direct taxes (personal income tax and corporate tax), and Rs 15.38 trillion from indirect taxes (GST, customs, excise).
Earlier this week, a senior finance ministry official said that the government is likely to stick to the budgeted estimate of a total tax collection target of Rs 33.61 trillion for the current fiscal in the revised estimates.
So far, direct tax collection is up by about 20 per cent and indirect tax is higher by 5 per cent.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Also Read
Budget 2024: Here are 5 lesser-known facts about the Union Budget of India
Interim Budget: All you need to know about the budgets during election year
UBS upgrades India's FY24 real GDP growth estimate marginally to 6.3%
Budget Speech: All you need to know about the FM's address to Parliament
Budget 2024: Budget preparation, its purpose, halwa ceremony, presentation
Indian oil product demand growth to slow ahead: International Energy Agency
Procurement from govt's GeM portal may reach Rs 3.5 trillion this fiscal
WPI turns positive after 8 months in November as food, mineral prices jump
Capex on national highways rose to Rs 2.4 trl in 2022-23: Nitin Gadkari
Centre cuts logistics costs to below 9% of GDP with higher state spending