According to the Finance Ministry, net direct tax collection surged by 21.82 percent to over 9.57 lakh crore as of October 9, owing to strong inflows from corporations and individuals.

Net receipts have reached 52.5% of the full-year budget estimates (BE) of 18.23 lakh crore.

The provisional numbers for Direct Tax revenues up to October 9, 2023, show consistent growth, according to the announcement.

According to the statement, gross direct tax revenues reached 11.07 lakh crore, which is 17.95% higher than gross collections for the same period previous year.

In terms of gross revenue collections, the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT) are 7.30% and 29.53%, respectively (PIT just); 29.08% (PIT including STT).

After refunds are deducted, the net growth in CIT collections is 12.39 percent, while the net growth in PIT collections is 32.51 percent (PIT only)/ 31.85 percent (PIT plus STT).

From April 2023 to October 9, 2023, refunds totaling 1.50 lakh crore were granted.

The budget for 2023-24 estimates direct tax collection at little more than 18.23 lakh crore, 9.75 percent higher than the previous fiscal's collection of 16.61 lakh crore.