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Direct tax collections so far in the financial year 2023-24 have risen 16.77 per cent to Rs 17.18 lakh crore (in gross terms), data put out by the Ministry of Finance said on Thursday.
Direct tax collection, net of refunds, stood at Rs 14.70 lakh crore, which is 19.41 per cent higher than the net collections for the corresponding period of last year. This collection is 80.61 per cent of the total Budget Estimates of Direct Taxes for 2023-24. 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 8.32 per cent while that for PIT is 26.11 per cent (PIT only)/ 26.11 per cent (PIT including STT). After adjustment of refunds, the net growth in CIT collections is 12.37 per cent and that in PIT collections is 27.26 per cent (PIT only)/ 27.22 per cent (PIT including STT). Refunds amounting to Rs 2.48 lakh crore have been issued so far in 2023-24. Over the last few years, various efforts have been made to increase the tax base and improve compliance. For example, in the entire financial year 2022-23, the total gross GST collection stood at Rs 18.10 lakh crore and the average gross monthly collection for the full year was Rs 1.51 lakh crore. The gross revenues in 2022-23 were 22 per cent higher on a yearly basis. Notably, in April this year, the gross GST collection was at an all-time high of Rs 187,035 crore. (ANI)
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