The net collection is 37.24% of the direct tax collection estimated in the budget for this fiscal year, the Central Board of Direct Taxes said in a statement.
“After adjustment of refunds, the net growth in corporate income tax collections is 32.73% and that in personal income tax collections (including securities transaction tax) is 28.32%,” the statement said.
The Income Tax Department has issued refunds amounting to Ra 1.19 lakh crore, 65.29% higher than in the year ago period. The Center expects its net direct tax collection to exceed the Rs 14.20 lakh crore target set in the budget for this fiscal. “As the economy continues to recover from the Covid downturn, the efforts at nudging taxpayers to better compliance through a combination of technology intervention and data reporting are paying off, and tax collections continue on their upward trajectory,” said Rohinton Sidhwa, partner, Deloitte India.
He said a clearer picture of the trend would be available by the calendar year-end as filings come in for corporate tax returns and audit examinations also complete.