India's Direct Tax Collections Surge In FY 2023-24; Gross Direct Tax Collection Up By 17.95%

The provisional figures of Direct Tax collections up to 09th October, 2023 continue to register steady growth over the corresponding period of the previous fiscal year. The gross Direct Tax Collection for this fiscal year stands at Rs. 11.07 lakh crore, marking a substantial upswing of 17.95 percent when compared to the gross collections during the same period in the prior year.

The Direct Tax Collection, net of refunds, has surged to Rs. 9.57 lakh crore, indicating a growth rate of 21.82 percent in comparison to the net collections during the analogous period of the previous fiscal year. This net collection represents 52.50 percent of the total Budget Estimates for Direct Taxes for FY 2023-24.

The growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) concerning gross revenue collections reveals an encouraging 7.30 percent growth for CIT and a substantial 29.53 percent for PIT (PIT only)/29.08 percent for PIT (including Securities Transaction Tax, STT).

Upon adjustment for refunds, the net growth in CIT collections is 12.39 percent, while that in PIT collections stands at an impressive 32.51 percent (PIT only)/31.85 percent (PIT including STT).

During the period from April 1, 2023, to October 9, 2023, refunds amounting to Rs. 1.50 lakh crore have been disbursed.