India’s net direct tax collection rises 22% to over Rs 9.57 trillion

The net direct tax collection increased by 21.82 per cent to over Rs 9.57 trillion till October 9, helped by good inflow from corporates and individuals, the Finance Ministry said on Tuesday.

 

The net collections have reached 52.5 per cent of the full-year budget estimates (BE) of Rs 18.23 trillion.

 

The provisional figures of Direct Tax collections up to October 9, 2023, continue to register steady growth, the statement said.

 

With regard to gross direct tax collections, the statement said, it stood at Rs 11.07 trillion , which is 17.95 per cent higher than the gross collections for the comparable period of last year.

 

So far, as the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections is concerned, the growth rate for CIT is 7.30 per cent while that for PIT is 29.53 per cent (PIT only); 29.08 per cent (PIT including STT).

 

After adjustment of refunds, the net growth in CIT collections is 12.39 per cent and that in PIT collections is 32.51 per cent (PIT only)/ 31.85 per cent (PIT including STT).

 

Refunds amounting to Rs 1.50 trillion have been issued from April 2023 to October 9, 2023.

 

The 2023-24 budget has pegged the direct tax collection at a little over Rs 18.23 trillion, 9.75 per cent higher than Rs 16.61 trillion mopped up last fiscal.