The provisional figures of Direct Tax collections up to 09th 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.
Reetu | Oct 10, 2023 |
Direct Tax Collections jump to Rs.11.07 lakh crore; Growth of 17.95% YoY
The provisional figures of Direct Tax collections up to 09th 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, is Rs. 9.57 lakh crore, which is 21.82% higher than net collections for the same period last year. This collection represents 52.50% of the total Budget Estimated Direct Taxes for the Financial Year 2023-24.
In terms of gross revenue collections, the growth rates for corporate income tax (CIT) and personal income tax (PIT) are 7.30% and 29.53% (PIT only)/29.08% (PIT including STT), respectively.
The net growth in CIT collections after refund adjustments is 12.39%, while the net growth in PIT collections is 32.51% (PIT only)/31.85% (PIT including STT).
From April 1 to October 9, 2023, refunds totalling Rs. 1.50 lakh crore were issued.
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