Net direct tax collection up 20.25% at Rs15.60 lakh crore so far in FY24

Direct tax collection (net of refunds) in the country increased by 20.25 per cent  year-on-year to Rs15.60 lakh crore, so far during the current financial year (2023-24) year (up to 10 February 2024), provisional figures released by the Central Board of Direct Taxes (CBDT) show.

Gross direct tax collections so far during the current financial year increased by 17 39 per cent year-on-year to Rs18.38 lakh crore. Tax collections so far during the current financial year is 80.23 per cent of the revised estimates for the 2023-24 financial year.

Gross collection of corporate income tax and personal income tax also show a steady growth, as per the estimates.

Collection of corporate income tax grew 9.16 per cent year-on-year while collection of personal income tax grew 25.67 per cent so far during the fiscal. The combined revenue collection from personal income tax and securities transaction tax increased by 25.93 per cent during the period ended 10 February 2024.

Net of refunds, corporate income tax collections increased by 13.57 per cent while personal income tax collections increased by 26.91 per cent while combined collection of personal income tax and securities transactions tax grew 27.17 per cent during the period.

Refunds amounting to Rs2.77 lakh crore were issued during the period (1 April 2023 to 10 February 2024).

During the same period, the net direct tax collections increased 160.52 per cent from Rs6,38,596 crore in FY14 to Rs16,63,686 crore in 2022-23, it said.

Direct tax-to-GDP ratio also increased from 5.62 per cent to 6.11 per cent, it added.