New Delhi, Dec 12 (PTI) The net direct tax collection grew 24 per cent to Rs 8.77 lakh crore in the April-November of the current fiscal, the Finance Ministry said on Monday.

This represents 61.79 per cent of the full-year Budget Estimates (BE) of direct tax collection for 2022-23 (April-March).

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"Direct tax collection net of refund stands at Rs 8.77 lakh crore as of November 30, which is 24.26 per cent higher than the net collection for the corresponding period last year," the ministry tweeted.

The collection accounts for 61.79 per cent of Budget Estimates for FY 2022-23.

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The Budget estimated direct tax collection at Rs 14.20 lakh crore this fiscal, higher than Rs 14.10 lakh crore collected last fiscal (2021-22). Tax on corporate and individual income makes up for direct taxes.

Tax collection is an indicator of economic activity in any country.

The collection from the levy of tax on goods and services sold (GST) has flattened to around Rs 1.45-1.50 lakh crore per month.

Refunds amounting to Rs 2.15 lakh crore were issued between April 1 and November 30, which is about 67 per cent higher than the last year.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)