Direct Tax collections at 80.23% of total Revised Estimates of Direct Taxes for F.Y. 2023-24 upto 10.02.2024

The provisional figures for Direct Tax collections highlight robust growth, with collections up to February 10, 2024, reaching Rs. 18.38 lakh crore. This represents a significant increase of 17.30% compared to the same period last year. Net collections, after refunds, stand at Rs. 15.60 lakh crore, marking a notable 20.25% rise year-on-year and accounting for 80.23% of the total Revised Estimates for Direct Taxes for FY 2023-24.

Growth in both Corporate Income Tax (CIT) and Personal Income Tax (PIT) collections remains steady. CIT collections have grown by 9.16%, while PIT collections have surged by 25.67% (PIT only) or 25.93% (including Securities Transaction Tax). Adjusting for refunds, net growth stands at 13.57% for CIT and 26.91% (PIT only) or 27.17% (including STT) for PIT.

Furthermore, refunds totaling Rs. 2.77 lakh crore have been issued from April 1, 2023, to February 10, 2024, contributing to the overall tax landscape’s vitality and efficiency.