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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, a
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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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