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
The provisional figures of Direct Tax collections up to 10th January, 2024 continue to register steady growth. Direct Tax collections up to 10th 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 1st April, 2023 to 10th January, 2024.
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