Direct Tax Collections Surge by 17.30% to Rs. 18.38 Lakh Crore by February 10, 2024
GG News Bureau
New Delhi, 12th Feb. The provisional figures of Direct Tax collections have showcased a robust growth trajectory, with gross collections reaching Rs. 18.38 lakh crore by February 10, 2024. This marks a significant increase of 17.30% compared to the corresponding period of the previous year.
Net collections, after refunds, have surged to Rs. 15.60 lakh crore, reflecting a substantial growth of 20.25% year-on-year. Notably, this collection amounts to 80.23% of the total Revised Estimates of Direct Taxes for the Financial Year 2023-24.
Furthermore, the gross revenue collections for Corporate Income Tax (CIT) and Personal Income Tax (PIT) have exhibited consistent growth trends.
The CIT has seen a growth rate of 9.16%, while the PIT has surged impressively by 25.67% (PIT only)/25.93% (PIT including STT). Adjusted for refunds, the net growth in CIT collections stands at 13.57%, and for PIT collections, it reaches 26.91% (PIT only)/27.17% (PIT including STT).
During the period from April 1, 2023, to February 10, 2024, refunds amounting to Rs. 2.77 lakh crore have been issued, contributing to the overall tax administration process.
