Gross Direct Tax Collection higher by 17.95%

Direct Tax Collection (net of refunds)  higher by 21.82%

Refunds amounting to Rs. 1.50 lakh crore issued during 1st April, 2023 to 09th October 2023.

The provisional figures of Direct Tax collections up to 09^th October, 2023 continue to register steady growth, with gross collections at Rs. 11.07 lakh crore, which is 17.95% higher than the gross collections for the comparable period of last year.

Direct Tax collection, net of refunds, stands at Rs. 9.57 lakh crore which is 21.82% higher than the net collections for the comparable period of last year. This collection is 52.50% of the total Budget Estimates of Direct Taxes for F.Y. 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 7.30% while that for PIT is 29.53% (PIT only)/ 29.08% (PIT including STT).

After adjustment of refunds, the net growth in CIT collections is 12.39% and that in PIT collections is 32.51% (PIT only)/ 31.85% (PIT including STT).

Refunds amounting to Rs. 1.50 lakh crore have been issued during 1^st April, 2023 to 09^th October 2023.

Direct tax collections grow notably, with net receipts strengthened after refunds, reflecting interim progress against budget targets. Direct tax receipts through 9 October 2023 show year on year increases in gross and net collections, with gross collections rising and net collections after refunds growing at a higher rate; refunds issued during 1 April-9 October 2023 materially affect the net position. Corporate Income Tax experienced moderate gross growth and higher net growth after refunds, while Personal Income Tax recorded substantially stronger gross and net growth. Net collections represent a stated proportion of the Budget Estimates for F.Y. 2023 24.