DECEMBER 9, 2022
BFSI

Direct Tax Revenue Reaches 80.23% of Revised Estimates for FY 2023-24 by February 2024

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New Delhi: The latest figures indicate a consistent increase in provisional Direct Tax collections, with gross collections reaching Rs. 18.38 lakh crore, marking a 17.30% rise from the same period last year. Net of refunds, Direct Tax collections stand at Rs. 15.60 lakh crore, representing a 20.25% increase from last year. These collections amount to 80.23% of the total Revised Estimates for Direct Taxes for the fiscal year 2023-24.

Both Corporate Income Tax (CIT) and Personal Income Tax (PIT) revenues exhibit stable growth, with CIT growing at 9.16% and PIT at 25.67% (PIT alone) or 25.93% (including Securities Transaction Tax). Adjusted for refunds, CIT collections show a net growth of 13.57%, while PIT collections show a net growth of 26.91% (PIT alone) or 27.17% (including STT).

Refunds totaling Rs. 2.77 lakh crore have been issued between April 1, 2023, and February 10, 2024.