Direct tax collections rise 18% so far in current financial year

The government’s gross direct tax collections have risen by 16.77 per cent to touch Rs 17.18 lakh crore, as of January 10, in the current financial year, the Central Board for Direct Taxes (CBDT) said on Thursday.

Direct Tax collection, net of refunds, stands at Rs. 14.70 lakh crore which is 19.41 per cent higher than the net collections for the corresponding period of last year. This collection is 80.61 per cent of the total Budget Estimates of Direct Taxes for F.Y. 2023-24, the statement said.

The growth rate for Corporate Income Tax (CIT) is 8.32 per cent while that for Personal Income Tax (PIT) is 26.11 per cent in terms of gross revenue collections.

After adjustment of refunds, the net growth in CIT collections is 12.37 per cent and that in PIT collections is 27.26 per cent (PIT only)/ 27.22 per cent (PIT including STT).

Refunds amounting to Rs 2.48 lakh crore have been issued from April 1, 2023 to January 10, 2024, the statement added.