The government's direct tax collection, net of refunds, during Apr 1-Feb 10 was Rs 15.60 trillion, up 20.25 per cent from the year-ago period, the finance ministry said in a release today. The net direct tax collection during Apr 1-Feb 10 was 80.23 per cent of the revised estimate for direct tax collections for 2023-24 (Apr-Mar), provisional data showed. The Interim Budget for 2024-25 revised the total tax collections for the current financial year to Rs 34.37 trillion, Rs 763.53 billion higher than the Budget estimate of Rs 33.61 trillion.
This is mainly on account of higher direct tax collections in the current financial year. Of the target, the government aims to collect Rs 19.45 trillion as direct taxes, which includes corporate and personal income tax. Post refunds, corporate tax collections so far in the financial year grew 13.57 per cent and personal income tax collections rose 26.91 per cent, the release said. In the Apr 1 to Feb 10 period, the tax department processed refunds worth Rs 2.77 trillion , the ministry said
