Direct Tax Collection Touches 80% of FY24 Revised Estimates, Hits Rs 15.60 Lakh Crore

Net direct tax collection grew 20 per cent year-on-year to Rs 15.60 lakh crore so far in the current financial year, which is 80 per cent of revised Budget Estimates for the full financial year.

“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 per cent higher than the gross collections for the corresponding period of last year,” the Central Board of Direct Taxes (CBDT) said in a statement.

Direct tax collection, net of refunds, till February 10 of FY24 stands at Rs 15.60 lakh crore, which is 20.25 per cent higher than the net collections in the corresponding period last year. This collection is 80.23 per cent of the total revised estimates of direct taxes for 2023-24.

Tax refunds amounting to Rs 2.77 lakh crore have been issued during April 1, 2023 to February 10, 2024. Gross revenue collections for Corporate Income Tax (CIT) and Personal Income Tax (PIT) also showed a steady growth.

Growth rate for CIT was 9.16 per cent while for PIT, it was 25.67 per cent (PIT only). After adjustment of refunds, the net growth in CIT collections was 13.57 per cent and that in PIT was 26.91 per cent (PIT only), it added.