India’s Net Direct Tax Collections Surge by 21.8%

India’s net direct tax collections grew 21.8% to ₹9.57 lakh crore by October 9, surpassing over half of the Budget estimates for 2023 with personal income tax revenues rising 32.5% and corporate taxes increasing 12.4%.

While tax refunds amounting to ₹1.5 lakh crore have been remitted to taxpayers so far, some refunds are being withheld on the basis of pending tax demands from the past that taxpayers are being given a chance to address.