Direct tax collection rises 24% to Rs 8.77 trillion in April-November period

12 Dec 2022 , 11:15 AM

According to the Finance Ministry, net direct tax receipts increased by 24% to Rs 8.77 lakh crore between April and November of the current fiscal year. This is equivalent to 61.79 % of the direct tax collection for the entire year, as estimated in the Budget Estimates (BE) for 2022—23. (April-March). For the fiscal year 2022—2023, the collection represents 61.79 percent of budget estimates.

Budget projections put the direct tax revenue received this fiscal year at Rs 14.20 lakh crore, up from Rs 14.10 lakh crore (2021-22). Taxes on both business and individual income offset direct taxes. In any nation, tax revenue serves as a gauge of economic activity.

Tax on Goods and Services Sold (GST) revenue has leveled off at roughly Rs 1.45-1.50 lakh crore per month. In comparison to the previous year, refunds totaling Rs 2.15 lakh crore were issued between April 1 and November 30.

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