Direct Tax collections reach 80.61% of total budget estimates
As of January 10, 2024, the provisional figures for Direct Tax collections continue to demonstrate robust growth. Gross Direct Tax collections have reached Rs. 17.18 lakh crore, marking a significant year-on-year growth of 16.77%. Meanwhile, the Net Direct Tax collection, after refunds, stands at Rs. 14.70 lakh crore, showing a substantial year-on-year growth of 19.41%.
The growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections are noteworthy. While the growth rate for CIT stands at 8.32%, the growth rate for PIT is impressive at 26.11% (PIT only) or 26.11% (PIT including STT).
After adjusting for refunds, the net growth in CIT collections is 12.37%, and for PIT collections, it stands at 27.26% (PIT only) or 27.22% (PIT including STT). During the period from April 1, 2023, to January 10, 2024, refunds totaling Rs. 2.48 lakh crore have been issued.
These figures indicate that Direct Tax collections for the financial year 2023-24 have reached 80.61% of the total Budget Estimates for Direct Taxes, highlighting a positive trend in revenue collection.
