Net Direct Tax Collection Soars 15.41% To Rs 12.11 Lakh Crore In 2024

Net direct tax collection grew 15.41 per cent to Rs 12.11 lakh crore between April 1 and Nov. 10.

This includes net corporate tax of Rs 5.10 lakh crore and non-corporate taxes (including taxes paid by individuals, HUFs, firms) of Rs 6.62 lakh crore. Other taxes (which include Equalisation Levy and gift tax) worth Rs 35,923 crore were mopped up.

As per the Central Board of Direct Taxes data, the gross collection of direct tax stood at Rs 15.02 lakh crore, up 21.20 per cent, during April-November 10.

Refunds worth Rs 2.92 lakh crore was issued during the period, a 53% jump over year-ago period.

After adjusting for refunds, net direct tax collection (which include corporate, non-corporate and other taxes) stood at about Rs 12.11 lakh crore, a 15.41% growth over Rs 10.49 lakh crore mopped up in the same period last fiscal.

The government has budgeted to collect Rs 22.12 lakh crore in the current fiscal from direct taxes (personal income tax, corporate tax and other taxes), up 13% over previous fiscal.