Introduction: The Ministry of Finance has released the provisional figures for Direct Tax collections up to January 10, 2024, showcasing a robust performance and surpassing 80% of the total Budget Estimates for Direct Taxes in the fiscal year 2023-24. The figures reflect a positive trend, indicating a substantial increase in both gross and net collections.
Key Highlights:
1. Gross Direct Tax Collections: As of January 10, 2024, gross Direct Tax collections stand at Rs. 17.18 lakh crore, reflecting an impressive year-on-year growth of 16.77%. This substantial increase underscores the resilience and strength of the Indian economy.
2. Net Collections: Direct Tax collection, net of refunds, has reached Rs. 14.70 lakh crore, showing a remarkable year-on-year growth of 19.41%. This net collection represents 80.61% of the total Budget Estimates of Direct Taxes for the fiscal year 2023-24, indicating the government’s efficiency in revenue mobilization.
3. Breakdown of Growth Rates:
- Corporate Income Tax (CIT): The gross revenue collections from CIT have grown by 8.32%, showcasing the robust performance of the corporate sector in contributing to the national exchequer.
- Personal Income Tax (PIT): Gross revenue collections from PIT demonstrate a substantial year-on-year growth of 26.11% (PIT only) or 26.11% (PIT including Securities Transaction Tax – STT). After adjusting for refunds, the net growth in CIT collections is a commendable 12.37%, and for PIT collections, it is an impressive 27.26% (PIT only) or 27.22% (PIT including STT).
4. Refunds Issued: The government has issued refunds amounting to Rs. 2.48 lakh crore during the period from April 1, 2023, to January 10, 2024. This demonstrates the administration’s commitment to ensuring a swift and efficient refund process.
Conclusion: The positive trajectory of Direct Tax collections reflects the overall economic resilience and recovery in India. The government’s effective fiscal management and proactive tax policies have contributed to this noteworthy performance. As the fiscal year progresses, these figures provide optimism for achieving or even surpassing the Budget Estimates, further bolstering the country’s financial health. The Ministry of Finance remains vigilant, and the positive trends in tax collections will likely have a positive impact on the overall economic outlook.
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Ministry of Finance
Direct Tax collections at 80.61% of total Budget Estimates of Direct Taxes for F.Y. 2023-24 upto 10.01.2024
Gross Direct Tax collections at Rs. 17.18 lakh crore with Y-o-Y growth of 16.77%, as on 10th January, 2024
Direct Tax collection, Net of refunds stands at Rs. 14.70 lakh crore with Y-o-Y growth of 19.41%
Net Corporate Income Tax (CIT) grows at 12.37% and Net Personal Income Tax (PIT) grows 27.26% Y-o-Y respectively
Refunds worth Rs. 2.48 lakh crore issued during 1st April, 2023 to 10th January, 2024
Posted On: 11 JAN 2024
The provisional figures of Direct Tax collections up to 10th January, 2024 continue to register steady growth. Direct Tax collections up to 10th January, 2024 show that gross collections are at Rs. 17.18 lakh crore which is 16.77% higher than the gross collections for the corresponding period of last year. Direct Tax collection, net of refunds, stands at Rs. 14.70 lakh crore which is 19.41% higher than the net collections for the corresponding period of last year. This collection is 80.61% of the total Budget Estimates of Direct Taxes for F.Y. 2023-24.
So far as the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections is concerned, the growth rate for CIT is 8.32% while that for PIT is 26.11% (PIT only)/ 26.11% (PIT including STT). After adjustment of refunds, the net growth in CIT collections is 12.37% and that in PIT collections is 27.26% (PIT only)/ 27.22% (PIT including STT).
Refunds amounting to Rs. 2.48 lakh crore have been issued during 1st April, 2023 to 10th January, 2024.
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