Direct tax collections hit 80% of FY24 revised target, amounting to ₹15.60 Lakh Crore

12 Feb 2024 , 02:16 PM

So far in this fiscal year, net direct tax collection has increased by 20% year-on-year to ₹15.60 Lakh Crore, accounting for 80% of the revised budget expectations for the entire fiscal year.

In a statement, the Central Board of Direct Taxes (CBDT) reported that provisional figures for direct tax collections indicate consistent growth. As of February 10, 2024, gross collections have reached ₹18.38 Lakh Crore, reflecting a 17.30% increase compared to the corresponding period last year.

Direct tax collection, net of refunds, is at ₹15.60 Lakh Crore as of February 10, FY24, which is 20.25% more than the net collections in the same time previous year. This collection represents 80.23% of the total revised direct tax projections for 2023-24.

Refunds totaling ₹2.77 Lakh Crore were granted from April 1, 2023 to February 10, 2024.

Gross revenue collections for Corporate Income Tax (CIT) and Personal Income Tax (PIT) increased steadily.

The growth rate for CIT was 9.16%, whereas for PIT it was 25.67% (PIT alone).

After adjusting for refunds, the net gain in CIT collections was 13.57%, while in PIT it was 26.91%.

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