The fiscal year 2023-24 has witnessed a remarkable performance in Direct Tax collections in India, as of February 10, 2024. The provisional figures indicate a robust growth in Gross Direct Tax collections, reflecting the effectiveness of tax administration and compliance across the country.
Growth in Direct Tax Collections: As per the latest data, Gross Direct Tax collections stood at Rs. 18.38 lakh crore, marking a year-on-year (Y-o-Y) growth of 17.30%. This significant increase highlights the country’s economic resilience and the effective enforcement of tax policies. More impressively, the Direct Tax collection, net of refunds, has reached Rs. 15.60 lakh crore, showcasing a 20.25% Y-o-Y growth. Such robust figures indicate a strong tax base and efficient collection mechanisms.
Breakdown of Tax Collections: The breakdown of collections further underscores the economic vibrancy. Net Corporate Income Tax (CIT) has grown by 13.57%, while Net Personal Income Tax (PIT) has seen an even more substantial rise of 26.91% Y-o-Y. This differential growth rate emphasizes the diverse income streams contributing to the tax pool, with PIT outpacing CIT significantly.
Refunds and Overall Compliance: The tax authority has also been proactive in issuing refunds, with a total of Rs. 2.77 lakh crore refunded from April 1, 2023, to February 10, 2024. This approach not only enhances taxpayer trust but also ensures liquidity in the market, contributing to economic activity.
Achievement against Revised Estimates: Remarkably, the collections have already achieved 80.23% of the total Revised Estimates of Direct Taxes for FY 2023-24. This achievement is significant, considering it covers the period up to only February 10, 2024, indicating the possibility of surpassing the target by the fiscal year-end.
Conclusion: The performance of Direct Tax collections up to February 2024 is a testament to the robustness of India’s economic foundations and the effectiveness of its tax administration. Achieving over 80% of the revised estimates for Direct Taxes within just ten months of the fiscal year not only reflects the country’s strong compliance culture but also bodes well for future fiscal management. As India continues on its path of economic growth, the role of Direct Taxes in financing development and welfare initiatives remains pivotal.
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Ministry of Finance
Direct Tax collections at 80.23% of total Revised Estimates of Direct Taxes for F.Y. 2023-24 upto 10.02.2024
Gross Direct Tax collections at Rs. 18.38 lakh crore with Y-o-Y growth of 17.30%, as on 10th February, 2024
Direct Tax collection, Net of refunds, stands at Rs. 15.60 lakh crore with Y-o-Y growth of 20.25%
Net Corporate Income Tax (CIT) grows at 13.57% and Net Personal Income Tax (PIT) grows 26.91% Y-o-Y respectively
Refunds worth Rs. 2.77 lakh crore issued during 1st April, 2023 to 10th February, 2024
Posted On: 11 FEB 2024 2:13PM by PIB Delhi
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% higher than the gross collections for the corresponding period of last year. Direct Tax collection, net of refunds, stands at Rs. 15.60 lakh crore which is 20.25 % higher than the net collections for the corresponding period of last year. This collection is 80.23% of the total Revised Estimates of Direct Taxes for F.Y. 2023-24.
The gross revenue collections for Corporate Income Tax (CIT) and Personal Income Tax (PIT) also show a steady growth. The growth rate for CIT is 9.16% while that for PIT is 25.67% (PIT only)/ 25.93% (PIT including STT). After adjustment of refunds, the net growth in CIT collections is 13.57% and that in PIT collections is 26.91% (PIT only)/ 27.17% (PIT including STT).
Refunds amounting to Rs. 2.77 lakh crore have been issued during 1st April, 2023 to 10thFebruary, 2024.
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