Direct Tax Collections Surge in FY 2023-24: 17.95% Gross Increase, 21.82% Net Growth by October 9, 2023.

Direct tax collections for the fiscal year 2023-24 up to October 9, 2023, have increased significantly compared to the same period last year. Gross collections reached Rs. 11.07 lakh crore, marking a 17.95% rise, while net collections after refunds stood at Rs. 9.57 lakh crore, a 21.82% increase. This represents 52.50% of the total budget estimates for the year. Corporate Income Tax collections grew by 7.30% in gross terms and 12.39% net of refunds. Personal Income Tax collections rose by 29.53% gross and 32.51% net, with Rs. 1.50 lakh crore in refunds issued during this period.