Gross Direct Tax collections at Rs. 17.18 lakh crore with Y-o-Y growth of 16.77%, as on 10th January, 2024

Direct Tax collection, Net of refunds stands at Rs. 14.70 lakh crore with Y-o-Y growth of 19.41%

Net Corporate Income Tax (CIT) grows at 12.37% and Net Personal Income Tax (PIT) grows 27.26% Y-o-Y respectively

Refunds worth Rs. 2.48 lakh crore issued during 1st April, 2023 to 10th January, 2024

The provisional figures of Direct Tax collections up to 10^th January, 2024 continue to register steady growth. Direct Tax collections up to 10^th January, 2024 show that gross collections are at Rs. 17.18 lakh crore which is 16.77% higher than the gross collections for the corresponding period of last year. Direct Tax collection, net of refunds, stands at Rs. 14.70 lakh crore which is 19.41% higher than the net collections for the corresponding period of last year. This collection is 80.61% 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 8.32% while that for PIT is 26.11% (PIT only)/ 26.11% (PIT including STT). After adjustment of refunds, the net growth in CIT collections is 12.37% and that in PIT collections is 27.26% (PIT only)/ 27.22% (PIT including STT).

Refunds amounting to Rs. 2.48 lakh crore have been issued during 1^st April, 2023 to 10^th January, 2024.

Direct tax collections show significant year-on-year growth and constitute a substantial proportion of the fiscal year's budget estimate. Direct tax receipts show year-on-year increases in both gross and net collections, with net collections after refunds rising more sharply and comprising 80.61% of the fiscal year's budget estimate; refunds issued during the period are substantial and are explicitly deducted to report net growth. Corporate Income Tax records moderate gross growth and higher net growth after refunds, while Personal Income Tax records stronger growth in both gross and net terms, with figures presented provisionally up to the stated date.