The Finance Ministry has said that the provisional figures of direct tax collections up to October 9, 2023 continue to register steady growth, with gross collections at Rs 11.07 lakh crore, which is 17.95% higher than the gross collections for the comparable period of last year.
Further, it stated net direct tax collection stood at Rs 9.57 lakh crore which is 21.82% higher than the net collections for the comparable period of last year. This collection is 52.50% of the total Budget Estimates of Direct Taxes for FY 2023-24.
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 7.30% while that for PIT is 29.53% (PIT only)/ 29.08% (PIT including STT). After adjustment of refunds, the net growth in CIT collections is 12.39% and that in PIT collections is 32.51% (PIT only)/ 31.85% (PIT including STT). Refunds amounting to Rs. 1.50 lakh crore have been issued during April 1, 2023 to October 9, 2023.
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