India's net direct tax collection rises 19% to ₹14.71 lakh crore till January 11
₹14.71 lakh crore till January 11, the income tax department said on Thursday. The gross collection is 24.58 percent higher than the corresponding period of last year, added the government. Apart from this, the government mentioned that the direct tax collection, net of refunds, stands at ₹12.31 lakh crore which is 19.55 percent higher than the net collections for the corresponding period of FY 2023-23.
This collection is 86.68 percent of the total Budget Estimates of Direct Taxes for FY 2022-23. "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 19.72 percent while that for PIT (including STT) is 30.46 percent," the government said. ALSO READ: Union Budget 2024: Income tax rebate unlikely to rise in interim budget, says report "Direct Tax collection, net of refunds, stands at ₹14.70 lakh crore which is 19.41 percent higher than the net collection for the corresponding period of last year.
This collection is 80.61 percent of the total Budget Estimates of Direct Taxes for FY 2023-24," the Central Board of Direct Taxes (CBDT) said in a statement. After adjustment of refunds, the net growth in CIT collections is 18.33 percent, and that in PIT collections is 21.64 percent (PIT only)/ 20.97 percent (PIT including STT). While, refunds amounting to ₹2.40 lakh crore have been issued from 1 April 2022 to 10 January 2023, which are 58.74 percent higher than refunds issued during the same period in the preceding year.
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