Direct tax collection reaches 80% of revised FY'24 target at Rs 15.60 lakh crore

Net direct tax collection so far in current fiscal grew 20% year-on-year to ₹15.60 lakh crore, which is 80% of revised budget estimates for full fiscal year.

"The provisional figures of direct tax collections continue to register steady growth. Direct tax collections up to 10th February, 2024, show that gross collections are at ₹18.38 lakh crore, which is 17.30% higher than the gross collections for the corresponding period of last year," Central Board of Direct Taxes (CBDT) said in a statement.

Direct tax collection, net of refunds, till February 10 of FY24 stands at ₹15.60 lakh crore, which is 20.25% higher than the net collections in the corresponding period last year.

This collection is 80.23% of the total revised estimates of direct taxes for 2023-24.

Refunds amounting to ₹2.77 lakh crore have been issued from April 1, 2023 to February 10, 2024.

Gross revenue collections for Corporate Income Tax (CIT) and Personal Income Tax (PIT) also showed a steady growth.

Growth rate for CIT was 9.16% while for PIT, it was 25.67% (PIT only).

After adjustment of refunds, the net growth in CIT collections was 13.57% and that in PIT was 26.91% (PIT only), it added.