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Net direct tax collection stands at Rs 15.60 lakh crore Y-o-Y growth of 20%

In the current fiscal year, net direct tax collection has surged by 20 per cent compared to the previous year, reaching Rs 15.60 lakh crore. This figure accounts for 80 percent of the revised budget estimates for the entire fiscal year.

Arushi Jaiswal Edited By: Arushi Jaiswal @JaiswalArushi New Delhi Updated on: February 11, 2024 17:45 IST
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New Delhi: Net direct tax collection in the current fiscal year has witnessed a growth of 20 per cent year-on-year to Rs 15.60 lakh crore. This collection is 80.23 per cent of the total revised estimates for the full fiscal year. According to the  Central Board of Direct Taxes (CBDT), the provisional figures of direct tax collections continue to demonstrate steady growth.

As of February 10, 2024, the gross collections stand at Rs 18.38 lakh crore, which is 17.30 per cent higher than the corresponding period last year.

Direct Tax collections at 80.23% of total Revised Estimates

"The provisional figures of direct tax collections continue to register steady growth. Direct tax collections up to 10th February 2024 show that gross collections are at Rs 18.38 lakh crore, which is 17.30 per cent higher than the gross collections for the corresponding period of last year," CBDT said in a statement.

"Direct tax collection, net of refunds, till February 10 of FY24 stands at Rs 15.60 lakh crore, which is 20.25 per cent higher than the net collections in the corresponding period last year. This collection is 80.23 per cent of the total revised estimates of direct taxes for 2023-24," it added.

During the same period, net direct tax collection, after adjusting refunds amounted to Rs 2.77 lakh crore, indicating a growth of 20.25 per cent compared to the previous year. 

Corporate Income Tax and Personal Income Tax

Meanwhile, gross revenue collections for Corporate Income Tax (CIT) and Personal Income Tax (PIT) also showed a steady growth. "The growth rate for CIT was 9.16 per cent while for PIT, it was 25.67 per cent (PIT only). After adjustment of refunds, the net growth in CIT collections was 13.57 per cent and that in PIT was 26.91 per cent (PIT only)," it added.

 

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