Net direct tax collections at ₹10.6 lakh crore; nears 60% of target

Net direct tax collections up 21.8%, refunds of ₹1.77 lakh crore issued. CIT and PIT collections grew 7.13% and 28.3% respectively. Net growth in CIT and PIT collections 12.48% and 31.77% respectively. Steady growth in provisional figures.

India’s net direct tax collections grew 21.8% to ₹10.6 lakh crore by November 9, with personal income tax revenues rising 31.8% and corporate taxes increasing 12.5% over the same period last year.

About ₹27,000 crore of tax refunds were remitted to taxpayers over the past month, taking the total refunds for the year so far to ₹1.77 lakh crore. The pace of growth in the net direct tax kitty was 21.8% a month ago as well, indicating the momentum is sustaining.

The net income tax collection so far is 58.15% of the total Budget Estimates of Direct Taxes for 2023-24 and the provisional figures continue to register steady growth, the Central Board of Direct Taxes (CBDT) said on November 10.

Gross direct tax collections stood at ₹12.37 lakh crore by Thursday, 17.6% higher than the corresponding period of last year. Within this number, Corporate Income Tax (CIT) and Personal Income Tax (PIT) grew 7.13% and 28.3%, respectively. Combined with the Securities Transaction Tax or STT, personal taxes were up 28%.

“After adjustment of refunds, the net growth in CIT collections is 12.48% and that in PIT collections is 31.77% (PIT only) and 31.26% (PIT including STT),” the CBDT said.