Gross Direct Tax collection grows 18% YoY to Rs 12 lakh cr up to Nov 9

New Delhi: The Direct Tax collections up to November 9, 2023, continued to register steady growth with the Gross Direct Tax collections witnessing a 17.59% growth to Rs 12.37 lakh crore, compared to the corresponding period of last year.

IBNS • 10 Nov 2023, 10:18 pm

Direct Tax collection, net of refunds, stands at Rs 10.60 lakh crore which is 21.82% higher than the net collections for the corresponding period of last year. This collection is 58.15% of the total Budget Estimates of Direct Taxes for FY 2023-24.

The money collected from Corporate Income Tax (CIT) grew by 7.13%, and from Personal Income Tax (PIT) by 28.29% (PIT only) or 27.98% (PIT including Securities Transactions Tax).

After refunds are considered, the actual increase in CIT collections is 12.48%, and in PIT collections, it's 31.77% (PIT only) or 31.26% (PIT including STT).

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