Direct Tax Collections for F.Y. 2023-24 up to 9th October, 2023 show an increase over comparable period of last year

Gross Direct Tax Collection higher by 17.95%

Direct Tax Collection (net of refunds)  higher by 21.82%

Refunds amounting to Rs. 1.50 lakh crore issued during 1st April, 2023 to 09th October 2023.

The provisional figures of Direct Tax collections up to 09^th October, 2023 continue to register steady growth, with gross collections at Rs. 11.07 lakh crore, which is 17.95% higher than the gross collections for the comparable period of last year.

Direct Tax collection, net of refunds, stands at Rs. 9.57 lakh crore which is 21.82% higher than the net collections for the comparable period of last year. This collection is 52.50% 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 7.30% while that for PIT is 29.53% (PIT only)/ 29.08% (PIT including STT).

After adjustment of refunds, the net growth in CIT collections is 12.39% and that in PIT collections is 32.51% (PIT only)/ 31.85% (PIT including STT).

Refunds amounting to Rs. 1.50 lakh crore have been issued during 1^st April, 2023 to 09^th October 2023.