New Delhi: The provisional figures of Direct Tax collections up to November 9, 2023, reveal a robust performance in the fiscal year 2023-24. Gross Direct Tax collections have reached an impressive Rs. 12.37 lakh crore, marking a substantial 17.59% growth compared to the same period last year. Net of refunds, Direct Tax collections stand at Rs. 10.60 lakh crore, reflecting a remarkable 21.82% increase year-on-year. This amount constitutes 58.15% of the total Budget Estimates of Direct Taxes for the financial year 2023-24.
The growth rates in Corporate Income Tax (CIT) and Personal Income Tax (PIT) are noteworthy. The gross revenue collections for CIT show a growth rate of 7.13%, while PIT exhibits a substantial growth of 28.29% (PIT only) or 27.98% (PIT including Securities Transactions Tax – STT). After factoring in refunds, the net growth in CIT collections is 12.48%, and for PIT collections, it stands at an impressive 31.77% (PIT only) or 31.26% (PIT including STT).
Refunds totaling Rs. 1.77 lakh crore have been issued during the period from April 1, 2023, to November 9, 2023. These figures underline the steady and robust growth trajectory in Direct Tax collections, reinforcing India’s strong fiscal performance in the current financial year.