India’s gross direct tax collections jumped 18.59 per cent year-on-year to Rs 12.37 lakh crore in the current financial year till November 9, 2023, according to the latest official data released on Friday. Net direct tax collections, after refunds, jumped 21.82 per cent to Rs 10.60 lakh crore.
“This collection is 58.15 per cent of the total Budget Estimates (BE) of direct taxes for FY 2023-24,” the finance ministry said in a statement.
Refunds amounting to Rs 1.77 lakh crore have been issued during April 1, 2023, to November 9, 2023.
Net growth in corporate income tax (CIT) and personal income tax (PIT) collections stood at 12.48 per cent and 31.77 per cent Y-o-Y, respectively.
“So far as the growth rate for CIT and PIT in terms of gross revenue collections is concerned, the growth rate for CIT is 7.13 per cent while that for PIT is 28.29 per cent (PIT only)/ 27.98 per cent [PIT including securities transactions tax (STT)],” the ministry said
After adjustment of refunds, the net growth in CIT collections is 12.48 per cent and that in PIT collections is 31.77 per cent (PIT only)/ 31.26 per cent (PIT including STT).
“Gross direct tax collections stood at Rs 12.37 lakh crore, which is 17.59 per cent 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 per cent higher than the net collections for the corresponding period of last year. This collection is 58.15 per cent of the total Budget Estimates of Direct Taxes for F.Y. 2023-24,” it said.
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