India's net direct tax collection rises 22% to Rs 10.60 lakh crore so far in FY24, crosses 58% of budget target

Net direct tax collection swelled 22 per cent so far this fiscal year to Rs 10.60 lakh crore, crossing 58 per cent of the Budget target for the full year, the Income Tax department said on Friday. The net corporate tax collection grew 12.48 per cent and personal income tax mop up rose 31.77 per cent.

“Direct Tax collection, net of refunds, stands at Rs 10.60 lakh crore which is 21.82 per cent higher than the net collection for the corresponding period of last year.

“This collection is 58.15 per cent of the total Budget Estimates of Direct Taxes for F.Y. 2023-24,” the I-T department said in a statement.

Refunds totalling Rs 1.77 lakh crore have been issued between April 1 to November 9, 2023.

On a gross basis, collection from direct tax, which includes corporate and Personal Income Tax (PIT), rose 17.59 per cent to Rs 12.37 lakh crore.

The growth rate for corporate income tax (CIT) is 7.13 per cent, while that for PIT is 28.29 per cent. The 2023-24 budget has pegged direct tax collection at a little over Rs 18.23 lakh crore, a 9.75 per cent higher than Rs 16.61 lakh crore mopped up last fiscal.