Direct tax collections at 80.23% of FY 2023-24 revised estimates

The finance ministry has released the figures for the direct tax collections and the provisional numbers show an impressive Y-o-Y growth of 17.30% as on February 10, 2024.

In a statement, it said “Direct Tax collections up to 10th February, 2024 show that gross collections are at ₹18.38 lakh crore which is 17.30% higher than the gross collections for the corresponding period of last year. Direct Tax collection, net of refunds, stands at ₹15.60 lakh crore which is 20.25 % higher than the net collections for the corresponding period of last year.”

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The collection is 80.23% of the total revised estimates of direct taxes for F.Y. 2023-24.

The government communication on PIB stated, “The gross revenue collections for Corporate Income Tax (CIT) and Personal Income Tax (PIT) also show a steady growth. The growth rate for CIT is 9.16% while that for PIT is 25.67% (PIT only)/ 25.93% (PIT including STT).”

“After adjustment of refunds, the net growth in CIT collections is 13.57% and that in PIT collections is 26.91% (PIT only)/ 27.17% (PIT including STT),” the statement from the finance ministry said.

Also, the refunds amounting to ₹2.77 lakh crore have been issued during April 1, 2023 to February 10, 2024