Net Direct Tax Collection Surges by 19%

New Delhi: The government on Thursday said that India’s net direct tax collection surged over 19 per cent to Rs 14.71 lakh crore till January 11, reaching about 81 per cent of the full-year target, while the gross collection stood at Rs 17.18 lakh crore, 16.77 per cent higher than the gross collection for the corresponding period of last year, according to a statement issued by the income tax department.

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. “The 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.

As per the statement, refunds amounting to Rs 2.48 lakh crore have been issued from 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,” it said.

It further said that the growth rate in gross corporate income tax or CIT and personal income tax or 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,” it added.