Impressive Growth in Net Direct Tax Collection

According to recent reports from the Central Board of Direct Taxes (CBDT), net direct tax collection has surged by 20% year-on-year, amounting to Rs 15.60 lakh crore so far in the current financial year. This figure represents a remarkable 80% of the revised Budget Estimates for the full financial year.

Steady Growth Continues

The CBDT stated, “The provisional figures of direct tax collections continue to register steady growth.” As of February 10, 2024, gross collections stand at Rs 18.38 lakh crore, indicating a substantial increase of 17.30% compared to the same period last year.

Net Collection Highlights

Net of refunds, direct tax collection till February 10 of FY24 has reached Rs 15.60 lakh crore, reflecting a robust growth of 20.25% compared to the corresponding period in the previous year. Notably, this collection represents 80.23% of the total revised estimates of direct taxes for 2023-24.

Tax Refunds Issued

During the period from April 1, 2023, to February 10, 2024, tax refunds amounting to Rs 2.77 lakh crore have been issued, indicating a significant financial activity within the tax ecosystem.

Growth in Revenue Collections

Gross revenue collections for both Corporate Income Tax (CIT) and Personal Income Tax (PIT) have exhibited consistent growth trends. CIT recorded a growth rate of 9.16%, while PIT saw a substantial increase of 25.67% (PIT only).

Adjusted Growth Rates

After adjustments for refunds, the net growth in CIT collections stood at 13.57%, and for PIT, it was an impressive 26.91% (PIT only), reflecting a healthy financial performance across both sectors.


The significant growth in net direct tax collection underscores the resilience and strength of the economy. As we move forward, it will be crucial to sustain this momentum and explore avenues for further expansion and development.

Financial Year Net Direct Tax Collection (in Rs crore) Growth Rate (%)
2023-24 15.60 lakh 20.25
2022-23 12.97 lakh N/A

Source: Central Board of Direct Taxes (CBDT)


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