Until now, Gross Direct tax collections in India in the financial year 2023-24 have seen steady growth with a total wind-up at Rs 6.53 lakh crore. There is a 15.73 per cent increase over the amount received in the same period last financial year.
The Net Direct Tax collection, net of refunds, stood at Rs. 5.84 lakh crore, which is 17.33 per cent higher than the net collections for the corresponding period of the last financial year.
According to a press release by the Central Board of Direct Taxes (CBDT), this collection is 32.03 per cent of the total Budget estimates of direct taxes for the financial year 2023-24.
The release said, “Refunds amounting to Rs. 0.69 lakh crore have been issued from April 1, 2023, to August 10, 2023, which are 3.73 per cent higher than refunds issued during the same period in the preceding year.”