India's gross direct tax collections till November 9, at Rs 12.37 lakh crore, were 17.6 per cent higher than the same period last year, according to a release by the Central Board of Direct Taxes (CBDT) on Friday. The net collections, which exclude refunds, were 21.8 per cent higher at Rs 10.6 lakh crore during the period. Between April 1 and November 9, a tax refund worth Rs 1.77 lakh crore has been issued by the central government.
Currently, the tax collection stands at 58.15 per cent of the total Budget Estimates for the year 2023-24 (FY24).
The CBDT further said that the Corporate Income Tax (CIT) has registered a gross growth of 7.13 per cent. The Personal Income Tax (PIT) is up 28.29 per cent this year, as compared to last year. Including the Securities Transaction Tax, PIT has grown 27.98 per cent.
"After adjustment of refunds, the net growth in CIT collections is 12.48 per cent and that in PIT collections is 31.77 per cent (PIT only)/ 31.26 per cent (including STT)," the board said.
Refunds amounting to Rs 1.77 lakh crore have been issued during April 1 2023 to November 9, 2023.
Net direct tax collection swelled 22 per cent so far this fiscal year to Rs 10.60 lakh crore, crossing 58 per cent of the Budget target for the full year, the Income Tax department said on Friday. The net corporate tax collection grew 12.48 per cent and personal income tax mop up rose 31.77 per cent.
"Direct Tax collection, net of refunds, stands at Rs 10.60 lakh crore which is 21.82 per cent higher than the net collection for the corresponding period of last year. This collection is 58.15 per cent of the total Budget Estimates of Direct Taxes for FY23-24," the I-T department said in a statement.
As per news reports, authorities are anticipating 13-14 per cent YoY growth GST collections, with the monthly average seen touching Rs 1.7-1.8 lakh crore in 2024-25.