Direct Tax collections at 80.61% of total Budget Estimates of Direct Taxes for F.Y. 2023-24 upto 10.01.2024

Gross Direct Tax collections at Rs. 17.18 lakh crore with Y-o-Y growth of 16.77%, as on 10th January, 2024

Direct Tax collection, Net of refunds stands at Rs. 14.70 lakh crore with Y-o-Y growth of 19.41%

Net Corporate Income Tax (CIT) grows at 12.37% and Net Personal Income Tax (PIT) grows 27.26% Y-o-Y respectively

Refunds worth Rs. 2.48 lakh crore issued during 1st April, 2023 to 10th January, 2024

The provisional figures of Direct Tax collections up to 10^th January, 2024 continue to register steady growth. Direct Tax collections up to 10^th January, 2024 show that gross collections are at Rs. 17.18 lakh crore which is 16.77% higher than the gross collections for the corresponding period of last year. Direct Tax collection, net of refunds, stands at Rs. 14.70 lakh crore which is 19.41% higher than the net collections for the corresponding period of last year. This collection is 80.61% 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 8.32% while that for PIT is 26.11% (PIT only)/ 26.11% (PIT including STT). After adjustment of refunds, the net growth in CIT collections is 12.37% and that in PIT collections is 27.26% (PIT only)/ 27.22% (PIT including STT).

Refunds amounting to Rs. 2.48 lakh crore have been issued during 1^st April, 2023 to 10^th January, 2024.