Direct tax kitty soars, surpasses 80 pc of FY24 target

New Delhi, Feb 12 (Agency) Reflecting expansion in taxpayer base, healthy corporate profits and growing economic activities, India’s direct tax collections rose 20.25% year-on-year to Rs 15.60 lakh crore in the current financial year 2023-24 (up to February 10). The direct tax mop-up so far accounts for 80.23% of total Revised Estimates of direct taxes for FY 2023-24 in the Budget. The direct taxes primarily comprise Personal Income Taxes (PIT) paid by individuals and Corporate Income Tax (CIT) paid by companies and firms. “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 FY 2023-24,” a media release from Finance Ministry said on Sunday. The provisional figures of direct tax collections have continued 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,” the official release said. As per official data, gross revenue collections for Corporate Income Tax (CIT) and Personal Income Tax (PIT) also show a steady growth through the current financial year. “The growth rate for CIT is 9.16% while that for PIT is 25.67% (PIT only)/ 25.93% (PIT including security transaction tax). 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),”Finance Ministry release said. Refunds amounting to Rs. 2.77 lakh crore have been issued during 1st April 2023 to 10th February 2024, according to official data.