The Income Tax department reported on Friday that net direct tax collection has increased by 22% this fiscal year to Rs 10.60 lakh crore, surpassing 58% of the Budget target for the entire year. The net corporate tax collection increased by 12.48 percent, while the personal income tax collection increased by 31.77 percent.

"Direct Tax collection, net of refunds, is Rs 10.60 lakh crore, which is 21.82 percent higher than the net collection for the same period last year."

"This collection represents 58.15 percent of the total Budget Estimates of Direct Taxes for Fiscal Year 2023-24," the Internal Revenue Service said in a statement.

Between April 1 and November 9, 2023, refunds totaling Rs 1.77 lakh crore were granted.

Direct tax collection, which includes corporate and Personal Income Tax (PIT), increased 17.59% to Rs 12.37 lakh crore on a gross basis.

Corporate income tax (CIT) growth is 7.13 percent, whereas personal income tax (PIT) growth is 28.29 percent.

The budget for 2023-24 estimates direct tax collection at little more than Rs 18.23 lakh crore, a 9.75 percent increase over the previous fiscal's collection of Rs 16.61 lakh crore.