Net Direct Tax Collection Grows 19% To Rs 14.70 Lakh Crore In FY24

The net direct tax collection so far this fiscal rose 19.41% to Rs 14.70 lakh crore, reaching about 81% 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% 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% higher than the net collection for the corresponding period of last year. This collection is 80.61% of the total Budget Estimates of Direct Taxes for FY 2023-24," the Central Board of Direct Taxes (CBDT) said in a statement.

Refunds amounting to Rs 2.48 lakh crore have been issued during April 1, 2023 to Jan 10, 2024.

On a gross basis, direct tax collection up to Jan 10, 2024 registered steady growth.

The gross collections are at Rs 17.18 lakh crore, 16.77% higher than the gross collection for the corresponding period of last year.

The growth rate in gross Corporate Income Tax and Personal Income Tax is 8.32% and 26.11% respectively.

After adjustment of refunds, the net growth in CIT collections is 12.37% and that in PIT collections is 27.26%.