New Delhi: Net direct tax collection in India reached Rs 15.60 lakh crore so far in the current financial year. The new direct tax collection grew 20 per cent year-on-year. This collection is 80 per cent of revised Budget Estimates (BE) for the full financial year.
‘The provisional figures of direct tax collections continue to register steady growth. Direct tax collections up to 10th February, 2024 show that gross collections are at Rs 18.38 lakh crore, which is 17.30 per cent higher than the gross collections for the corresponding period of last year,’ the Central Board of Direct Taxes (CBDT) said in a statement.
Also Read: Net profit of National Stock Exchange surge by 8%
Direct tax collection, net of refunds, till February 10 of FY24 stands at Rs 15.60 lakh crore, which is 20.25 per cent higher than the net collections in the corresponding period last year. This collection is 80.23 per cent of the total revised estimates of direct taxes for 2023-24.
Tax refunds amounting to Rs 2.77 lakh crore have been issued during April 1, 2023 to February 10, 2024. Gross revenue collections for Corporate Income Tax (CIT) and Personal Income Tax (PIT) also showed a steady growth. Growth rate for CIT was 9.16 per cent while for PIT, it was 25.67 per cent (PIT only). After adjustment of refunds, the net growth in CIT collections was 13.57 per cent and that in PIT was 26.91 per cent (PIT only).
Direct taxes are collected from individuals and companies by the supreme tax body in the country. Direct taxes are directly paid by the tax payers. Direct taxes include personal income tax (PIT) and corporate income tax (CIT), besides taxes such as securities transaction tax (STT). Indirect tax is not paid directly by a person to the government. The net direct tax collection means the gross tax collection minus the refund.
Post Your Comments