The Central Board for Direct Taxes (CBDT) announced on Thursday that the government's gross direct tax collections have registered a significant increase of 16.77%, reaching Rs 17.18 lakh crore as of January 10 in the current fiscal year.
The net direct tax collection, excluding refunds, stands at Rs. 14.70 lakh crore, marking a substantial 19.41% surge compared to the corresponding period in the previous year. This amount accounts for 80.61% of the total Budget Estimates of Direct Taxes for the financial year 2023-24, according to the statement released by CBDT.
The growth rate for Corporate Income Tax (CIT) is reported at 8.32%, while Personal Income Tax (PIT) shows an impressive growth of 26.11% in terms of gross revenue collections. After adjusting for refunds, the net growth in CIT collections stands at 12.37%, and for PIT collections, it is even more robust at 27.26% for PIT only, and 27.22% for PIT including Securities Transaction Tax (STT).
The statement further disclosed that refunds totaling Rs 2.48 lakh crore have been issued from April 1, 2023, to January 10, 2024, contributing to the overall dynamics of direct tax collections.
(With Agency Inputs)
