At Rs 14.71 trn, direct tax collection hits 86.6% of FY23 target by Jan 10

The finance ministry issued refunds amounting to Rs 2.4 trillion till January 10

The Centre’s net direct tax collections, after adjusting for refunds, grew 19.55 per cent during the current fiscal year up to January 10, touching 86.68 per cent of the FY23 Budget Estimates (BE).
 

Data released by the finance ministry on Wednesday showed that gross direct taxes grew 24.58 per cent to Rs 14.71 trillion up to 10 January. Net tax collections during the same period stood at Rs 12.31 trillion compared to the Rs 14-trillion target in the FY23 Budget.
 

Aditi Nayar, chief economist at ICRA Ratings, said she expects direct taxes to exceed the BE by Rs 2.2 trillion