Net direct tax collections in the current financial year rose 20.25% year-on-year to ₹15.60 lakh crore, accounting for 80% of the revised budget estimates for the entire financial year ended February 10.
“The preliminary direct tax revenue figures continue to show steady growth. The direct tax collections up to February 10, 2024 show that the gross receipts are ₹18.38 lakh crore, which is 17.30 per cent higher than the gross receipts for the corresponding period last year,” said a report by the Central Board of Direct Taxes (CBDT). Opinion.
As of February 10, FY2024, net collection of direct taxes, excluding refunds, reached ₹15.60 lakh crore, up 20.25% over the corresponding period last year. The figure represents 80.23% of the total revised direct tax estimates for the fiscal year 2023/24, the finance ministry said.
From April 1, 2023 to February 10, 2024, refunds totaling ₹2.77 million were issued.
There has been a steady increase in gross receipts for both corporate income tax (CIT) and personal income tax (PIT). CIT recorded a growth rate of 9.16% while PIT recorded a growth rate of 25.67%, the ministry said.
Adjusted for refunds, net growth in corporate tax collections is 13.57% and in corporate taxes is 26.91%.
Finance Minister Nirmala Sitharaman said in her Budget speech on February 1, 2024 that direct tax revenues have more than “tripled” in the last 10 years and the number of tax returns has increased 2.4 times. “I would like to assure taxpayers that their contributions have been wisely used for the development of the country and the well-being of its people. I thank taxpayers for their support.”
