Direct Tax Collections Soar: 80.61% of Budget Estimates Achieved in FY 2023-24

Last updated: 12 January 2024

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Direct tax collections for the financial year 2023-24 have shown significant growth, reaching 80.61% of the total budget estimates by January 10, 2024. Gross collections stand at Rs. 17.18 lakh crore, a 16.77% increase year-on-year. After accounting for refunds totalling Rs. 2.48 lakh crore, net collections are Rs. 14.70 lakh crore, marking a 19.41% rise compared to the same period last year. Both corporate and personal income tax collections have contributed to this strong performance.

Direct Tax collections at 80.61% of total Budget Estimates of Direct Taxes for F.Y. 2023-24 upto 10.01.2024

Gross Direct Tax collections at Rs. 17.18 lakh crore with Y-o-Y growth of 16.77%, as on 10th January, 2024

Direct Tax collection, Net of refunds stands at Rs. 14.70 lakh crore with Y-o-Y growth of 19.41%

Net Corporate Income Tax (CIT) grows at 12.37% and Net Personal Income Tax (PIT) grows 27.26% Y-o-Y respectively

Refunds worth Rs. 2.48 lakh crore issued during 1st April, 2023 to 10th January, 2024

Direct Tax Collections Hit 80.61 of Budget Estimates

The provisional figures of Direct Tax collections up to 10^th January, 2024 continue to register steady growth. Direct Tax collections up to 10^th January, 2024 show that gross collections are at Rs. 17.18 lakh crore which is 16.77% higher than the gross collections for the corresponding period of last year. Direct Tax collection, net of refunds, stands at Rs. 14.70 lakh crore which is 19.41% higher than the net collections for the corresponding period of last year. This collection is 80.61% of the total Budget Estimates of Direct Taxes for F.Y. 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 8.32% while that for PIT is 26.11% (PIT only)/ 26.11% (PIT including STT). After adjustment of refunds, the net growth in CIT collections is 12.37% and that in PIT collections is 27.26% (PIT only)/ 27.22% (PIT including STT).

Refunds amounting to Rs. 2.48 lakh crore have been issued during 1^st April, 2023 to 10^th January, 2024.

FAQ :

As of January 10, 2024, 80.61% of the total Budget Estimates for Direct Taxes for FY 2023-24 has been achieved.

Gross Direct Tax collections up to January 10, 2024, are Rs. 17.18 lakh crore.

The year-on-year growth in gross Direct Tax collections is 16.77% as of January 10, 2024.

Refunds amounting to Rs. 2.48 lakh crore have been issued between April 1, 2023, and January 10, 2024.

Net Direct Tax collections, after the adjustment of refunds, show a year-on-year growth of 19.41%.

Net Corporate Income Tax (CIT) collections have grown by 12.37% year-on-year, while Net Personal Income Tax (PIT) collections have grown by 27.26% year-on-year.

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