Centre To Exceed Rs 18.23 Lakh Crore Full-Year Direct Tax Collection Target: CBDT

Net direct tax collection between April 1 and November 9 this fiscal has swelled 22 per cent to Rs 10.60 lakh crore, as per government data

The 2023-24 Budget has pegged direct tax collection at Rs 18.23 lakh crore, 9.75 per cent higher than Rs 16.61 lakh crore in the last fiscal year.

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CBDT Chairman Nitin Gupta on Wednesday said that the central government will exceed the Rs 18.23 lakh crore direct tax collection target set for the current fiscal year, the PTI reported. "We will exceed the Budget target. The economy is doing well, and we will get a better picture of full-year tax collection once the third instalment of advance tax numbers come in by December 15," Gupta said.

According to government data, the net direct tax collection between April 1 and November 9 this fiscal has swelled 22 per cent to Rs 10.60 lakh crore. "On a gross basis, the direct tax collection has been growing at 17-18 per cent, while on a net basis, we are growing at 22 per cent. We are also issuing refunds simultaneously. So, we have no doubt about tax collection exceeding estimates," Gupta said after inaugurating the taxpayers' lounge at the India International Trade Fair (IITF).

According to the report, refunds totalling Rs 1.77 lakh crore have been issued between April 1 and November 9. The 2023-24 Budget has pegged direct tax collection at Rs 18.23 lakh crore, 9.75 per cent higher than Rs 16.61 lakh crore in the last fiscal year.

Cash seizures by tax officials rise ahead of polls in five states: CBDT

Gupta also said that the the income tax department has seized more unexplained cash as compared to elections held in the states earlier. He said that prior to both the Assembly and Lok Sabha elections, the enforcement agencies, including the I-T department, increased surveillance and also got information about unexplained cash and jewellery on toll-free numbers created for the purpose.

"The states where we are right now in elections we have seized more cash than what was seized in the corresponding time in the state assembly elections or Lok Sabha 2019," Gupta added.

He said pre-election monitoring of unexplained cash and surveillance is very intense and the entire activity is coordinated at the level of the Election Commission and state election authority.