Introduction: The Ministry of Finance reports a substantial surge in Gross Direct Tax Collections for the fiscal year 2023-24 up to November 9, 2023. The figures reveal a noteworthy growth of 17.59% year-on-year (YoY), reflecting positive economic trends. This article provides an in-depth analysis of the data, highlighting key aspects such as net collections, growth rates in Corporate and Personal Income Tax, and the issuance of refunds.
1. Gross Direct Tax Collections: As of November 9, 2023, Gross Direct Tax collections stand at a robust Rs. 12.37 lakh crore, marking a substantial YoY growth of 17.59%. The article delves into the contributing factors behind this impressive surge and its implications for the overall fiscal health.
2. Net Collections: Net of refunds, Direct Tax collections have reached Rs. 10.60 lakh crore, showcasing an even more remarkable YoY growth of 21.82%. The article analyzes the significance of net collections and their alignment with the budget estimates for the fiscal year 2023-24.
3. Corporate Income Tax (CIT): The growth rate for Corporate Income Tax (CIT) in terms of gross revenue collections is explored, revealing a growth rate of 7.13%. The net growth in CIT collections, after the adjustment of refunds, is further analyzed at 12.48%. The article discusses the factors influencing CIT collections and their implications.
4. Personal Income Tax (PIT): The growth rate for Personal Income Tax (PIT) is a remarkable 28.29% (PIT only) or 27.98% (PIT including Securities Transactions Tax – STT). After refund adjustments, the net growth in PIT collections is 31.77% (PIT only) or 31.26% (PIT including STT). The article examines the driving forces behind the surge in PIT collections and its alignment with economic trends.
5. Refunds Issued: Refunds amounting to Rs. 1.77 lakh crore have been issued during the period from April 1, 2023, to November 9, 2023. The article explores the impact of these refunds on the overall fiscal landscape and their role in maintaining a balanced revenue structure.
Conclusion: In conclusion, the Gross Direct Tax Collections for the fiscal year 2023-24 exhibit robust growth, signaling positive economic momentum. The surge in Corporate and Personal Income Tax collections, along with the issuance of refunds, contributes to the overall fiscal health. This data indicates a resilient economic landscape and sets an optimistic tone for the fiscal year ahead. The Ministry of Finance’s proactive disclosure of these figures allows stakeholders to make informed assessments of the country’s economic trajectory.
Ministry of Finance
Gross Direct Tax Collections for FY 2023-24 up to 09.11.2023
Gross Direct Tax collections FY2023-24 upto 9.11.2023 are Rs. 12.37 lakh crore; growth of 17.59% Y-o-Y
Direct Tax collection, net of refunds, stands at Rs. 10.60 lakh crore; growth of 21.82% Y-o-Y
Net growth in Corporate Income Tax collections is 12.48% .and Personal Income Tax collections is 31.77% Y-o-Y respectively
Refunds worth Rs. 1.77 lakh crore issued for FY2023-24 upto 09.11.2023
Posted On: 10 NOV 2023 3:45PM by PIB Delhi
The provisional figures of Direct Tax collections up to 09th November, 2023 continue to register steady growth. The Gross Direct Tax collections are at Rs. 12.37 lakh crore, which is 17.59% higher than the gross collections for the corresponding period of last year. Direct Tax collection, net of refunds, stands at Rs. 10.60 lakh crore which is 21.82% higher than the net collections for the corresponding period of last year. This collection is 58.15% 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 7.13% while that for PIT is 28.29% (PIT only)/ 27.98% [PIT including Securities Transactions Tax (STT)]. After adjustment of refunds, the net growth in CIT collections is 12.48% and that in PIT collections is 31.77% (PIT only)/ 31.26% (PIT including STT).
Refunds amounting to Rs. 1.77 lakh crore have been issued during 1st April, 2023 to 09th November 2023.