Direct Tax Collection reached 80% of revised FY24 target at Rs.15.60 Lakh Crore:

Direct Tax Collection reached 80% of revised FY24 target at Rs.15.60 Lakh Crore The provisional numbers for Direct Tax Collections show a continuous increase. Direct Tax collections up to February 10th, 2024 reveal gross collections of Rs. 18.38 lakh crore, which is 17.30% higher than the gross collections for the same period last year. Direct tax collection, net of refunds, is at Rs. 15.60 lakh crore, 20.25% more than net collections for the same period the previous year. This collection represents 80.23% of the total Revised Estimates of Direct Taxes for the financial year 2023-24. The gross revenue collections for Corporate Income Tax (CIT) and Personal Income Tax (PIT) also show a steady growth. The growth rate for CIT is 9.16% while that for PIT is 25.67% (PIT only)/ 25.93% (PIT including STT). After adjusting for refunds, the net growth in CIT collections is 13.57%, while in PIT collections it is 26.91% (PIT only)/27.17% (PIT plus STT). Refunds totalling Rs. 2.77 lakh crore were issued between April 1st, 2023 and February 10th, 2024.