Gross Direct Tax collections at Rs. 18.38 lakh crore with Y-o-Y growth of 17.30%, as on 10th February, 2024

Direct Tax collection, Net of refunds, stands at Rs. 15.60 lakh crore with Y-o-Y growth of 20.25%

Net Corporate Income Tax (CIT) grows at 13.57% and Net Personal Income Tax (PIT) grows 26.91% Y-o-Y respectively

Refunds worth Rs. 2.77 lakh crore issued during 1st April, 2023 to 10th February, 2024

The provisional figures of Direct Tax collections continue to register steady growth. Direct Tax collections up to 10th February, 2024 show that gross collections are at Rs. 18.38 lakh crore which is 17.30% higher than the gross collections for the corresponding period of last year. Direct Tax collection, net of refunds, stands at Rs. 15.60 lakh crore which is 20.25 % higher than the net collections for the corresponding period of last year. This collection is 80.23% of the total Revised Estimates of Direct Taxes for F.Y. 2023-24.

The gross revenue collections for Corporate Income Tax (CIT) and Personal Income Tax (PIT) also show a steady growth. The growth rate for CIT is 9.16% while that for PIT is 25.67% (PIT only)/ 25.93% (PIT including STT). After adjustment of refunds, the net growth in CIT collections is 13.57% and that in PIT collections is 26.91% (PIT only)/ 27.17% (PIT including STT).

Refunds amounting to Rs. 2.77 lakh crore have been issued during 1st April, 2023 to 10^th February, 2024.

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YKB/KMN

Direct tax collections near revised estimates this fiscal year, showing robust net growth and sizable refunds issued. Direct tax collections to 10 February 2024 show gross collections of Rs. 18.38 lakh crore and net collections after refunds of Rs. 15.60 lakh crore, equal to 80.23% of the Revised Estimates for F.Y. 2023 24; refunds of Rs. 2.77 lakh crore were issued during 1 April 2023-10 February 2024. Gross and net growth rates are reported for Corporate Income Tax and Personal Income Tax, with Personal Income Tax growth outpacing Corporate Income Tax.