New Delhi: The net direct tax collection increased by 21.82%. The total net direct tax collection reached Rs 9.57 lakh crore till October 9. As per data released by Union Finance Ministry, the net collections have reached 52.5% of the full-year budget estimates (BE) of Rs 18.23 lakh crore.
The gross direct tax collections stood at Rs 11.07 lakh crore. This is 17.95% higher than the gross collections for the comparable period of last year.
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The growth rate for Corporate Income Tax (CIT) is 7.30% while that for Personal Income Tax (PIT) is 29.53% (PIT only); 29.08% (PIT including STT). Refunds amounting to Rs 1.50 lakh crore have been issued from April 2023 to October 9, 2023.
Direct taxes are collected from individuals and companies by the supreme tax body in the country. Direct taxes are directly paid by the tax payers. Direct tax include income tax, corporate tax and estate tax. Indirect tax is not paid directly by a person to the government. The net direct tax collection means the gross tax collection minus the refund.
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