Gross Direct Tax collections FY2023-24 upto 9.11.2023 are Rs. 12.37 lakh crore; growth of 17.59% Y-o-Y

Direct Tax collection, net of refunds, stands at Rs. 10.60 lakh crore; growth of 21.82% Y-o-Y

Net growth in Corporate Income Tax collections is 12.48% .and Personal Income Tax collections is 31.77% Y-o-Y respectively

Refunds worth Rs. 1.77 lakh crore issued for FY2023-24 upto 09.11.2023

The provisional figures of Direct Tax collections up to 09^th November, 2023 continue to register steady growth. The Gross Direct Tax collections are at Rs. 12.37 lakh crore, which is 17.59% higher than the gross collections for the corresponding period of last year. Direct Tax collection, net of refunds, stands at Rs. 10.60 lakh crore which is 21.82% higher than the net collections for the corresponding period of last year. This collection is 58.15% 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 7.13% while that for PIT is 28.29% (PIT only)/ 27.98% [PIT including Securities Transactions Tax (STT)]. After adjustment of refunds, the net growth in CIT collections is 12.48% and that in PIT collections is 31.77% (PIT only)/ 31.26% (PIT including STT).

Refunds amounting to Rs. 1.77 lakh crore have been issued during 1^st April, 2023 to 09^th November 2023.

Direct tax collection growth continues, with higher net receipts after refunds and significant PIT outperformance. Gross Direct Tax collections through 9 November 2023 increased year on year with net collections after refunds rising more sharply; net receipts account for a substantial proportion of the annual Budget Estimate. Corporate Income Tax shows moderate gross growth but stronger net growth after refunds, while Personal Income Tax records robust gross and net increases. Significant refunds were issued during the period, affecting gross-to-net conversion.