Net direct tax assortment grew 20 per cent 12 months-on-12 months to Rs 15.60 lakh crore thus far within the present monetary 12 months, which is 80 per cent of revised Budget Estimates for the total monetary 12 months.
“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 per cent higher than the gross collections for the corresponding period of last year,” the Central Board of Direct Taxes (CBDT) stated in an announcement.
Direct tax assortment, web of refunds, until February 10 of FY24 stands at Rs 15.60 lakh crore, which is 20.25 per cent larger than the online collections within the corresponding interval final 12 months. This assortment is 80.23 per cent of the entire revised estimates of direct taxes for 2023-24.
Tax refunds amounting to Rs 2.77 lakh crore have been issued throughout April 1, 2023 to February 10, 2024. Gross income collections for Corporate Income Tax (CIT) and Personal Income Tax (PIT) additionally confirmed a gradual development.
Growth charge for CIT was 9.16 per cent whereas for PIT, it was 25.67 per cent (PIT solely). After adjustment of refunds, the online development in CIT collections was 13.57 per cent and that in PIT was 26.91 per cent (PIT solely), it added.
