Net direct tax collection grows 19 pc so far in FY’24 to Rs 14.70 lakh cr, 81 pc of Budget target

After adjustment of refunds, the net growth in CIT collections is 12.37 per cent and that in PIT collections is 27.26 per cent.(Image/Freepik)

The net direct tax collection so far this fiscal rose 19.41 per cent to Rs 14.70 lakh crore, reaching about 81 per cent of the full-year target, the income tax department said on Thursday.The government has budgeted to collect Rs 18.23 lakh crore from direct taxes (personal income tax and corporate tax), 9.75 per cent higher than Rs 16.61 lakh crore mopped up last fiscal.

“Direct Tax collection, net of refunds, stands at Rs 14.70 lakh crore which is 19.41 per cent higher than the net collection for the corresponding period of last year. This collection is 80.61 per cent of the total Budget Estimates of Direct Taxes for FY 2023-24,” the Central Board of Direct Taxes (CBDT) said in a statement.

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Refunds amounting to Rs 2.48 lakh crore have been issued during April 1, 2023 to January 10, 2024.On a gross basis, direct tax collection up to January 10, 2024 registered steady growth.The gross collections are at Rs 17.18 lakh crore, 16.77 per cent higher than the gross collection for the corresponding period of last year.

The growth rate in gross Corporate Income Tax (CIT) and Personal Income Tax (PIT) is 8.32 per cent and 26.11 per cent respectively.After adjustment of refunds, the net growth in CIT collections is 12.37 per cent and that in PIT collections is 27.26 per cent.