The Income Tax Department on Friday said gross direct tax collections crossed ₹10.5 lakh crore this fiscal year up to November 10. This is 30.69 per cent higher than the gross collections of over ₹8 lakh crore for the corresponding period of last year. It is over 61 per cent of the budget target of ₹14.20 lakh crore.
Officials are hopeful of getting much higher collections than the estimate at the end of fiscal year. Direct taxes mainly comprise corporate income tax (CIT) and personal income tax (PIT).
. Direct tax collection, net of refunds, stood at ₹8.71 lakh crore which is 25.71 per cent higher than the net collections of around ₹6.93 lakh crore for the corresponding period last year. During the period, gross collection under PIT grew 40 per cent and CIT by 22 per cent.
Refunds amounting to ₹1.83 lakh crore have been issued till date during the current fiscal. This is 61 per cent higher than refunds issued during the same period in the preceding year.