Centre’s direct tax collections up 22% at ₹10.60 lakh crore so far in FY24

• November 12, 2023
• CA Chandan Agarwal's Office

On a gross basis, collection from direct tax, which includes corporate and Personal Income Tax (PIT), rose 17.59 per cent to ₹12.37 lakh crore.

Net direct tax collection swelled 22 per cent so far this fiscal year to ₹10.60 lakh crore, crossing 58 per cent of the Budget target for the full year, the Income Tax department said on Friday. The net corporate tax collection grew 12.48 per cent and personal income tax mop up rose 31.77 per cent.

The provisional figures of Direct Tax collections up to 9 November continue to register steady growth according to a statement by the Ministry of  Finance. 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. 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 from 1 April, 2023 to 9 November 2023.

The growth rate for corporate income tax (CIT) is 7.13 per cent, while that for PIT is 28.29 per cent.

The 2023-24 budget has pegged direct tax collection at a little over ₹18.23 lakh crore, a 9.75 per cent higher than ₹16.61 lakh crore mopped up last fiscal.

The growing direct tax collection displays success in the government’s efforts on enforcement and use of technology in the tax collection process.

Source: https://www.livemint.com/economy/centres-direct-tax-collections-up-22-at-10-60-lakh-crore-so-far-in-fy24-11699613647391.html