Direct Tax Collections Reach Rs 18.38 Lakh Crore, Surge 17.30% YoY

Last updated: 12 February 2024

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

Gross Direct Tax collections at Rs. 18.38 lakh crore with Y-o-Y growth of 17.30%, as on 10th February, 2024

Direct Tax collection, Net of refunds, stands at Rs. 15.60 lakh crore with Y-o-Y growth of 20.25%

Net Corporate Income Tax (CIT) grows at 13.57% and Net Personal Income Tax (PIT) grows 26.91% Y-o-Y respectively

Refunds worth Rs. 2.77 lakh crore issued during 1st April, 2023 to 10th February, 2024

 

The provisional figures of Direct Tax collections continue to register steady growth. Direct Tax collections up to 10th February, 2024 show that gross collections are at Rs. 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 Rs. 15.60 lakh crore which is 20.25 % higher than the net collections for the corresponding period of last year. This collection is 80.23% of the total Revised Estimates of Direct Taxes for F.Y. 2023-24.

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).

Refunds amounting to Rs. 2.77 lakh crore have been issued during 1st April, 2023 to 10th February, 2024.



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