Gross Direct Tax collections for FY 2023-24 upto 10th January 2024 stands at Rs. 17.18 lakh crore; Y-o-Y growth increase by 16.77%

The provisional figures of Direct Tax collections up to 10th January, 2024 continue to register steady growth.

Direct Tax collections up to January 10th, 2024 show gross collections of Rs. 17.18 lakh crore, which is 16.77% higher than gross collections for the same period last year. Direct tax collection, net of refunds, is at Rs. 14.70 lakh crore, 19.41% more than net collections for the same period the previous year.

This collection is 80.61% of the total Budget Estimates of Direct Taxes for F.Y. 2023-24.

In terms of gross revenue collections, the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT) are 8.32% and 26.11% (PIT only)/26.1% (PIT plus STT), respectively. 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 from 1st April, 2023 to 10th January, 2024.