The net direct tax collection grew 24 per cent to ₹8.77 lakh crore in April-November of FY23, 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.
“Direct tax collection net of refund stands at ₹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 Budget estimated direct tax collection at ₹14.20 lakh crore this fiscal, higher than ₹14.10 lakh crore collected last fiscal . 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 ₹1.45-1.50 lakh crore per month.
Refunds amounting to ₹2.15 lakh crore were issued between April 1 and November 30, which is about 67 per cent higher than the last year.