New Delhi:
India’s net direct tax collection reached Rs 14.70 lakh crore in the current financial year 2023-24 (upto January 10) accounting for nearly 81% of the total budget estimates for the full year.
The net direct tax mop-up in FY24 till January 10 is 19.41% higher compared to the collection in the corresponding period of the preceding year.
“Direct Tax collection, net of refunds, stands at Rs. 14.70 lakh crore which is 19.41% higher than the net collections for the corresponding period of last year. This collection is 80.61% of the total Budget Estimates of Direct Taxes for F.Y. 2023-24,” said a press release from Finance Ministry on Thursday.
The direct tax collection has maintained steady growth during the year reflecting robust economic activity and healthy corporate earnings.
As per the latest official data, gross direct tax collections in FY24 up to 10th January were at Rs 17.18 lakh crore registering 16.77% growth over the gross collections for the corresponding period of last year.
So far as the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections is concerned, the growth rate for CIT is 8.32% while that for PIT is 26.11% (PIT only)/ 26.11% (PIT including STT).
After adjustment of refunds, the net growth in CIT collections is 12.37% and that in PIT collections is 27.26% (PIT only).
“Refunds amounting to Rs 2.48 lakh crore have been issued during 1st April, 2023 to 10th January, 2024,” the official statement said.
