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NEW DELHI: Gross direct tax receipts totalled Rs 11.1 lakh crore up to October 9, 2023 – nearly 18% higher than the comparable period of last year, official data released on Tuesday showed.
Direct tax collection, net of refunds, was at Rs 9.6 lakh crore, which is 21.8% higher than the net receipts for the comparable period of last year. This collection is 52.5% of the total budget estimates for direct taxes in 2023-24. The growth rate for corporate income tax (CIT) was estimated at 7.3%, while that for personal income tax (PIT) was 29.5%.
Nitin Gupta, chairman Central Board of Direct Taxes, said the department was confident of meeting the budget targets for direct taxes set for the current fiscal year as receipts “as on date” were good.
After adjustment of refunds, the net growth in CIT collection is 12.4% and that in PIT collection is 32.5% (PIT only)/31.9% (PIT including STT). Refunds amounting to Rs 1.5 lakh crore have been issued during April 1, 2023 to October 9, according to the department. For the assessment year 2023-24, the total number of I-T returns filed was at 7.3 crore and out of these, 7.2 crore were verified. The total number of ITRs processed was estimated at 6.8 crore and 93.5% of the duly verified returns have already been processed, according to the CBDT.
Gupta said the tax department was reaching out to assessees through a special call centre whose refunds were held up due to a mismatch and validation issues with the taxpayers’ bank accounts. He said total number of such cases was around 35 lakh and asserted that the department wants to resolve these cases expeditiously.
“We want to credit the refunds to the correct bank accounts of the taxpayers quickly… we have started a system about a year back for all such cases, where refunds are held up due to a variety of reasons. An email is triggered to the taxpayer, saying they will get a call three days from the dispatch of the email from a particular number and following this conversation, the issues are being resolved,” Gupta said.
Direct tax collection, net of refunds, was at Rs 9.6 lakh crore, which is 21.8% higher than the net receipts for the comparable period of last year. This collection is 52.5% of the total budget estimates for direct taxes in 2023-24. The growth rate for corporate income tax (CIT) was estimated at 7.3%, while that for personal income tax (PIT) was 29.5%.
Nitin Gupta, chairman Central Board of Direct Taxes, said the department was confident of meeting the budget targets for direct taxes set for the current fiscal year as receipts “as on date” were good.
After adjustment of refunds, the net growth in CIT collection is 12.4% and that in PIT collection is 32.5% (PIT only)/31.9% (PIT including STT). Refunds amounting to Rs 1.5 lakh crore have been issued during April 1, 2023 to October 9, according to the department. For the assessment year 2023-24, the total number of I-T returns filed was at 7.3 crore and out of these, 7.2 crore were verified. The total number of ITRs processed was estimated at 6.8 crore and 93.5% of the duly verified returns have already been processed, according to the CBDT.
Gupta said the tax department was reaching out to assessees through a special call centre whose refunds were held up due to a mismatch and validation issues with the taxpayers’ bank accounts. He said total number of such cases was around 35 lakh and asserted that the department wants to resolve these cases expeditiously.
“We want to credit the refunds to the correct bank accounts of the taxpayers quickly… we have started a system about a year back for all such cases, where refunds are held up due to a variety of reasons. An email is triggered to the taxpayer, saying they will get a call three days from the dispatch of the email from a particular number and following this conversation, the issues are being resolved,” Gupta said.
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