New Delhi: The net direct tax collection in the country for April to November 2023, stood at 58.34% of Budget Estimates (BE). The net direct tax collection during the period surged by 23.4% to Rs 10.64 lakh crore. Data released by the Union Finance Ministry revealed this.
The Gross collections, before issuing refunds, grew at 17.7% to Rs 12.67 lakh crore rupees in the April-November period. The Refund amount issued from April to November of the current fiscal stood at Rs 2.03 lakh crore .
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Meanwhile, in the current fiscal, Rs 18.23 lakh crore is expected to be collected in direct taxes and Rs 15.38 lakh crore rupees from indirect taxes.
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 taxes include personal income tax (PIT) and corporate income tax (CIT), besides taxes such as securities transaction tax (STT). 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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