Direct tax collections rise 22% to Rs 9.57 lakh crore till Oct 9 in current fiscal, says Centre
India’s direct tax collections rose 21.82 per cent year-on-year (YoY) to Rs 9.57 lakh crore till October 9 in the current fiscal, according to data released by the Central Board of Direct Taxes (CBDT) on Tuesday.
The direct tax collections – net of refunds – was 52.50 per cent of the total budget estimates of direct taxes for 2023-24.
The provisional figures of the direct tax collections indicated that gross collections were at Rs 11.07 lakh crore, which was 17.95 per cent higher than the gross collections during the corresponding period of last year.
The growth rate for corporate income tax (CIT) stood at 7.30 per cent and personal income tax (PIT) stood at 29.53 per cent in terms of gross revenue collections, according to the data.
“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 7.3 per cent while that for PIT is 29.53 per cent (PIT only)/ 29.08 per cent (PIT including STT). After adjustment of refunds, the net growth in CIT collections is 12.39 per cent and that in PIT collections is 32.51 per cent (PIT only)/ 31.85 per cent (PIT including STT),” a Finance Ministry statement said.
