Direct tax collections for fiscal year 2023–2024 at 80.23% of total Revised Estimates of Direct Taxes

GG News Bureau

New Delhi, 11th Feb.  The direct tax collections’ provisional figures show continued steady growth. Direct tax receipts through February 10, 2024, indicate that gross receipts reached Rs. 18.38 lakh crore, 17.30% more than gross receipts during the same period in the previous year. Net of refunds, direct tax collection is Rs. 15.60 lakh crore, which is 20.25% more than net collections for the same period last year. The total Revised Estimates of Direct Taxes for FY 2023–2024 represented by this collection is 80.23%.

There is a consistent increase in the gross revenue collections for both Personal Income Tax (PIT) and Corporate Income Tax (CIT). The growth rate for PIT is 25.67% (PIT only) / 25.93% (PIT including STT), whereas the growth rate for CIT is 9.16%. Following the adjustment for refunds, the net growth in CIT collections is 13.57%, while the net growth in PIT collections is 27.17% (including STT) / 26.91% (PIT only). Between April 1, 2023, and February 10, 2024, refunds totaling Rs. 2.77 lakh crore were given out.