India’s net direct tax collection recorded a growth of 19.88 per cent to over Rs 18.90 lakh crore till March 17, the government data showed on Tuesday.
The Income tax department data also stated that the net direct tax collection of Rs 18,90,259 crore (as of March 17) includes Corporation Tax (CIT) at Rs 9,14,469 crore (net of refund) and Personal Income Tax (PIT), including Securities Transaction Tax (STT) at Rs 9,72,224 crore (net of refund).
Refunds amounting to about Rs 3.37 lakh crore have also been issued in the current fiscal till March 17.
On a gross basis, before adjusting refunds, the direct tax collection stood at Rs 22.27 lakh crore, an 18.74 per cent growth over the year-ago period.
“The provisional figures of Direct Tax collections for the Financial Year 2023-24 (as of March 17, 2024) show that net collections are at Rs 18,90,259 crore, compared to Rs 15,76,776 crore in the corresponding period of the preceding Financial Year (FY 2022-23), representing an increase of 19.88 per cent,” the Central Board of Direct Taxes (CBDT) said in a statement.
The government had in the revised estimates for direct tax collection pegged the receipts for the full fiscal (April-March) at Rs 19.45 lakh crore
Finance minister Nirmala Sitharaman, during her budget speech on February 1, had raised the direct tax collections projection for FY24 to Rs 19.45 lakh crore for the current fiscal from the budget estimate of Rs 18.20 lakh crore.
Gross direct tax collections before refunds stood at Rs 22.25 lakh crore as of March 15, up 13.5 per cent compared to the same period last year.