Tax kitty up 20.7%, crosses 75% of Budget target

India’s net direct tax collections had grown 20.7% by December 17 to cross ₹13.70 lakh crore, the Finance Ministry said on Monday, indicating that 75.15% of the year’s direct tax target has been met.

India’s net direct tax collections had grown 20.7% by December 17 to cross ₹13.70 lakh crore, the Finance Ministry said on Monday, indicating that 75.15% of the year’s direct tax target has been met.

As of November 30, the net direct tax kitty stood at ₹10.64 lakh crore or 58.34% of the Budget estimates, so collections have risen by ₹3.06 lakh crore so far in December as per the latest provisional numbers.

“The net direct tax collection of ₹13,70,388 crore (as on 17.12.2023) includes Corporation Tax (CIT) at ₹6,94,798 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at ₹6,72,962 crore (net of refund),” the ministry said.

Total Advance Tax collections so far this year stood at ₹6,25,249 crore, reflecting a growth of 19.94% so far this year, with corporate taxes of ₹4,81,840 crore and personal income tax of ₹1,43,404 crore.

A little over ₹22,000 crore of refunds have been effected in December, as per the ministry’s data which showed total tax refunds stood at ₹2,25,251 crore as of Sunday, from about ₹2.03 lakh crore by November 30.

Gross direct tax collections stood at ₹15,95,639 crore, which included CIT of ₹7,90,049 crore and ₹8,02,902 crore from Personal Income Tax and Securities Transaction Tax. “Minor head-wise collection comprises Advance Tax of ₹6,25,249 crore; Tax Deducted at Source of ₹7,70,606 crore; Self-Assessment Tax of ₹1,48,677 crore; Regular Assessment Tax of ₹36,651 crore; and Tax under other minor heads of ₹14,455 crore,” the ministry statement said.