New Delhi, Oct 10 (FN Bureau) Registering steady growth, India’s net direct tax collections rose 21.82% year-on-year to Rs 9.57 lakh crore in financial year 2023-24 till October 9. “Direct tax collection, net of refunds, stands at Rs 9.57 lakh crore which is 21.82% higher than the net collections for the comparable period of last year,” Central Board of Direct Taxes (CBDT) said in a statement. The direct tax collection comprising of corporate income tax (CIT), personal income tax (PIT) and other taxes so far is 52.50% of the total Budget Estimates of direct taxes for FY24. Direct tax collections up to 9th October, 2023 show that gross collections are at Rs 11.07 lakh crore which is 17.95% higher than the gross collections for the comparable period of last year.
“So far as the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections is concerned, the growth rate for CIT is 7.30% while that for PIT is 29.53% (PIT only)/ 29.08% (PIT including STT),” said CBDT. After adjustment of refunds, the net growth in CIT collections is 12.39% and that in PIT collections is 32.51% (PIT only)/ 31.85% (PIT including STT). As per the official statement, refunds amounting to Rs 1.50 lakh crore have been issued during 1st April, 2023 to 9th October 2023.