India's gross direct tax collections rise 17.59% to Rs 12.37 lakh crore so far in FY24

13 Nov 2023 Evaluate

The Income Tax department has said that the provisional figures of Direct Tax collections up to November 09, 2023 in current financial year (FY24) continue to register steady growth. The Gross Direct Tax collections are at Rs 12.37 lakh crore, which is 17.59% higher than the gross collections for the corresponding period of last year. 

It stated Direct Tax collection, net of refunds, stands at Rs 10.60 lakh crore which is 21.82% higher than the net collections for the corresponding period of last year. This collection is 58.15% 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 7.13% while that for PIT is 28.29% (PIT only)/ 27.98% (PIT including Securities Transactions Tax (STT)). 

After adjustment of refunds, the net growth in CIT collections is 12.48% and that in PIT collections is 31.77% (PIT only)/ 31.26% (PIT including STT). Refunds amounting to Rs 1.77 lakh crore have been issued during  April 01, 2023 to November 09, 2023.


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