Impressive Growth in Direct Tax Collection for FY 2023-24
The net direct tax collection for the fiscal year 2023-24 has shown a remarkable growth of 19.41 per cent, reaching Rs 14.70 lakh crore, which accounts for approximately 81 per cent of the full-year target. This update comes directly from the income tax department in a recent statement.
Overview of Direct Tax Collection
The government had set a target of Rs 18.23 lakh crore from direct taxes, representing a 9.75 per cent increase over the previous fiscal year’s collection of Rs 16.61 lakh crore. According to the Central Board of Direct Taxes (CBDT), the net direct tax collection, after refunds, stands at Rs 14.70 lakh crore, marking a significant increase of 19.41 per cent compared to the same period last year. This collection already represents 80.61 per cent of the total Budget Estimates of Direct Taxes for FY 2023-24.
Key Figures
| Amount (in Rs crore) | Growth Rate | |
|---|---|---|
| Net Direct Tax Collection | 14,70,000 | 19.41% |
| Gross Collection | 17,18,000 | 16.77% |
| Corporate Income Tax (CIT) | 8.32% | 12.37% |
| Personal Income Tax (PIT) | 26.11% | 27.26% |
Refunds totaling Rs 2.48 lakh crore have been issued during the period from April 1, 2023, to January 10, 2024. On a gross basis, direct tax collection up to January 10, 2024, has shown steady growth, amounting to Rs 17.18 lakh crore, which is 16.77 per cent higher than the gross collection for the corresponding period of the previous year. The growth rate in gross Corporate Income Tax (CIT) and Personal Income Tax (PIT) is 8.32 per cent and 26.11 per cent, respectively. After adjusting for refunds, the net growth in CIT collections is 12.37 per cent, and in PIT collections is an impressive 27.26 per cent.
This data reflects a robust performance in tax collection, indicating positive economic activity and compliance. It also underscores the government’s efforts to enhance tax revenues while ensuring fair and transparent taxation policies.
With such encouraging figures, stakeholders can anticipate a favorable economic outlook for the remainder of the fiscal year, bolstered by strong tax receipts.