New Delhi: The union government has collected nearly 21 per cent Budget Estimates of direct taxes in just 78 days of the current fiscal, data released by Finance Ministry on Tuesday showed. Direct taxes comprise personal income tax (PIT) and corporate income tax (CIT).
The Ministry said that net direct tax collection (gross collection minus refund) between April 1 and June 17 surged to over ₹ 4.62- lakh crore. This is nearly 21 per cent higher than collection during corresponding period of FY23 which was over ₹3.82-lakh crore. Collections under PIT and CIT during current fiscal were over ₹2.81-lakh crore and ₹1.81-lakh crore, respectively.
This means over 24 per cent of Budget Estimate for PIT and over 17 per cent of CIT have been collected in little over 2 ½ months.
According to the Interim Budget, PIT is estimated to grow to ₹11.56-lakh crore in BE (Budget Estimate) 2024-25, which is higher by 13.1 per cent over RE (Revised Estimate) 2023-24. Similarly, CIT is estimated at ₹10.43-lakh crore in BE 2024-25, a growth of 13 per cent over RE 2023-24.
