In comparison to the same period previous year, the gross direct tax collection increased by around 16% to 6 lakh 53 thousand crores of rupees. The provisional data of Direct Tax revenues continue to show a steady increase, according to the Central Board of Direct Taxes, or CBDT.
After accounting for refunds, the net direct tax collection is 5 lakh 84 thousand crore rupees, which is almost 17% more than the net receipts for the same period previous year. Over 32% of the budget’s entire estimated direct tax revenue for 2023–24 was collected.
According to the CBDT, refunds totaling 69 thousand crore rupees were issued between the first of April and the tenth of August this year, which is 3.73% more than the refunds issued during the same period in 2016.