India’s gross direct tax collections jumped 18.59 per cent 12 months-on-12 months to Rs 12.37 lakh crore.
Refunds amounting to Rs 1.77 lakh crore have been issued throughout April 1, 2023, to November 9, 2023
India’s gross direct tax collections jumped 18.59 per cent 12 months-on-12 months to Rs 12.37 lakh crore within the present monetary 12 months until November 9, 2023, in response to the newest official knowledge launched on Friday. Net direct tax collections, after refunds, jumped 21.82 per cent to Rs 10.60 lakh crore.
“This collection is 58.15 per cent of the total Budget Estimates (BE) of direct taxes for FY 2023-24,” the finance ministry stated in an announcement.
Refunds amounting to Rs 1.77 lakh crore have been issued throughout April 1, 2023, to November 9, 2023.
Net development in company revenue tax (CIT) and private revenue tax (PIT) collections stood at 12.48 per cent and 31.77 per cent Y-o-Y, respectively.
“So far as the growth rate for CIT and PIT in terms of gross revenue collections is concerned, the growth rate for CIT is 7.13 per cent while that for PIT is 28.29 per cent (PIT only)/ 27.98 per cent [PIT including securities transactions tax (STT)],” the ministry stated
After adjustment of refunds, the web development in CIT collections is 12.48 per cent and that in PIT collections is 31.77 per cent (PIT solely)/ 31.26 per cent (PIT together with STT).
“Gross direct tax collections stood at Rs 12.37 lakh crore, which is 17.59 per cent higher than the gross collections for the corresponding period of last year. Direct tax collection, net of refunds, stands at Rs 10.60 lakh crore which is 21.82 per cent higher than the net collections for the corresponding period of last year. This collection is 58.15 per cent of the total Budget Estimates of Direct Taxes for F.Y. 2023-24,” it stated.
