Quick Summary
In a positive development, Central Board of Direct Taxation (CBDT) chairman Nitin Gupta announced on Wednesday that the government is on track to exceed the ₹18.23 lakh crore direct tax collection target set for the current fiscal year. Gupta expressed confidence in surpassing the budgeted target, attributing the optimistic outlook to the robust performance of the economy. Speaking to reporters in New Delhi, Gupta stated, The economy is doing well, and we will get a better picture of full-yea
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FAQ :
The direct tax collection target for the current fiscal year is set at ₹18.23 lakh crore.
Direct tax collection has been growing at a rate of 17-18% on a gross basis and 22% on a net basis.
Between April 1 and November 9 of the current fiscal year, ₹10.60 lakh crore has been collected in net direct taxes.
A total of ₹1.77 lakh crore in refunds has been issued between April 1 and November 9.
A clearer picture of the full-year tax collection will be available once the third installment of advance tax numbers comes in by December 15.
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