Gross Direct Tax collections at 18.38 lakh Cr with Y-o-Y growth of 17.30%

The provisional figures of Direct Tax collections continue to register steady growth. Direct Tax collections up to 10^th February, 2024 show that gross collections are at Rs. 18.38 lakh crore which is 17.30% higher than the gross collections for the corresponding period of last year. Direct Tax collection, net of refunds, stands at Rs. 15.60 lakh crore which is 20.25 % higher than the net collections for the corresponding period of last year. This collection is 80.23% of the total Revised Estimates of Direct Taxes for F.Y. 2023-24.

The gross revenue collections for Corporate Income Tax (CIT) and Personal Income Tax (PIT) also show a steady growth.The growth rate for CIT is 9.16% while that for PIT is 25.67% (PIT only)/ 25.93% (PIT including STT). After adjustment of refunds, the net growth in CIT collections is 13.57% and that in PIT collections is 26.91% (PIT only)/ 27.17% (PIT including STT).

Refunds amounting to Rs. 2.77 lakh crore have been issued during 1^st April, 2023 to 10^thFebruary, 2024.