Net direct tax collection grows 19% so far in FY'24 to Rs 14.70 lakh crore, 81% of Budget target

The income tax department said on Thursday that the net direct tax collection so far this fiscal has risen 19.41 per cent to Rs 14.70 lakh crore — reaching about 81 per cent of the full-year target. The government has budgeted Rs 18.23 lakh crore in direct taxes (personal income tax and corporate tax) — which is 9.75 percent more than the Rs 16.61 lakh crore collected previous year.

The Central Board of Direct Taxes (CBDT) said in a statement, "Direct Tax collection, net of refunds, stands at Rs 14.70 lakh crore which is 19.41 per cent higher than the net collection for the corresponding period of last year. This collection is 80.61 per cent of the total Budget Estimates of Direct Taxes for FY 2023-24." 

"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 per cent 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 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 added.

Between April 1, 2023 and January 10, 2024, refunds of Rs 2.48 lakh crore were granted.

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Direct tax collection increased steadily on a gross basis until January 10, 2024.

The total collection is Rs 17.18 lakh crore — which is 16.77 per cent higher than the gross collection for the same period previous year.

Gross Corporate Income Tax (CIT) and Personal Income Tax (PIT) growth rates are 8.32 per cent and 26.11 per cent, respectively.

After refunds are deducted, the net growth in CIT collections is 12.37 per cent, and the net growth in PIT collections is 27.26 per cent.

"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 per cent while that for PIT is 26.11 per cent (PIT only)/ 26.11 per cent (PIT including STT). 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)," the statement further added.

(With Agency Inputs)