Direct tax collection in India up to October 9, 2023, stood at £111 billion, or roughly 18% more than during the same time last year.
Direct tax receipts were £96 billion after refunds, a 21.8% increase above net receipts for the same time the previous year. Fifty two and half per cent of the overall budget projections for direct taxes in 2023–2024 are covered by this collection. Personal income tax (PIT) increase was expected to be 29.53%, but corporate income tax (CIT) growth was estimated to be 7.3%.
Nitin Gupta, chairman Central Board of Direct Taxes, said the department was confident of meeting the budget targets for direct taxes set for the current fiscal year as receipts “as on date” were good.
The net growth in CIT collection after refund adjustments is 12.4%, and the net growth in PIT collection is 32.5% (PIT only)/31.9% (PIT plus STT). According to the department, refunds totaling £15 billion were issued between April 1, 2023, and October 9, 2023. There were 73 million I-T returns filed for the assessment year 2023–24, of which 72 million were verified. The total number of ITRs processed was estimated at 68 million. Gupta said the tax department was reaching out to assessees through a special call centre whose refunds were held up due to a mismatch and validation issues with the taxpayers’ bank accounts.