Net direct tax collections rise 19% to ₹14.71 lakh crore in FY24

 

Net direct tax collections rise 19% to ₹14.71 lakh crore in FY24

Net direct tax collection increased by 19 percent

India's net direct tax collection has increased by 19% to ₹ 14.71 lakh crore so far in the current financial year, the Income Tax Department has given this information on Thursday, 2024. The Income Tax Department said that the gross collection is 24.58 percent more than the same period last year.

The net share of refunds is ₹12.31 lakh crore, which is part of direct tax collections. The net collection is 19.55 per cent higher than the corresponding period of FY 2022-2023. This collection is 86.68 percent of the total budget estimate of direct taxes for the financial year 2022-2023, CBDT said in a statement.

“As far as the growth rate of corporate income tax which we call CIT and personal income tax (PIT) in simple language is concerned, in terms of gross revenue collection, the growth rate for corporate income tax is 19.72 per cent."

Net increase in CIT collection after adjustment of refunds = 18.33%

PIT collection = 21.64%

PIT = 20.97%

However, refunds worth ₹2.40 lakh crore have been issued from April 1 in 2022 to January 10/2023. This is 58.74 percent more than the refunds issued during the same period last year.

The government has budgeted to collect ₹18.23 lakh crore from direct taxes. This is one percent more than the ₹16.61 lakh crore raised in the previous financial year i.e. 2022.