New Delhi – The latest figures on Direct Tax collections reveal an impressive growth trajectory as provisional data up to 10th February 2024, indicates a substantial increase in both gross and net collections. According to official sources, the gross collections of Direct Taxes stand at an impressive Rs. 18.38 lakh crore, marking a significant 17.30% surge compared to last year.
Furthermore, after factoring in refunds, the net collections reached Rs. 15.60 lakh crore, showcasing an even more robust year-on-year growth of 20.25%. This surge in net collections represents a commendable 80.23% of the total Revised Estimates of Direct Taxes for the Financial Year 2023-24.
Breaking down the data, the Net Corporate Income Tax (CIT) growth is reported at 13.57%, attesting to the buoyancy in corporate tax revenues. Simultaneously, the Net Personal Income Tax (PIT) has experienced an impressive Y-o-Y growth of 26.91%.
The detailed breakdown of the gross revenue collections reveals a steady rise in both Corporate Income Tax (CIT) and Personal Income Tax (PIT). The growth rate for CIT stands at a noteworthy 9.16%, showcasing a robust performance in corporate tax collections. On the other hand, PIT demonstrates even stronger growth, registering an impressive 25.67% (PIT only)/ 25.93% (PIT including STT).
After adjusting for refunds, the net growth in CIT collections is reported at 13.57%, affirming the robustness of the corporate tax base. Meanwhile, the net growth in PIT collections is even more remarkable at 26.91% (PIT only)/ 27.17% (PIT including STT), underscoring the resilience and growth potential in personal income tax revenues.
It is noteworthy that refunds totalling Rs. 2.77 lakh crore have been issued during the period from 1st April 2023, to 10th February 2024. This demonstrates the government’s commitment to ensuring a smooth and timely refund process.
The strong performance in Direct Tax collections reflects positively on the overall economic health and fiscal management of the country. As the fiscal year progresses, these robust figures provide optimism for sustained economic growth and stability.
