Direct tax collections reach ₹11.07 lakh crore, up 18% YoY

Net direct tax collection stands at ₹9.57 lakh crore, up 21.82% YoY.

A total of ₹11.07 lakh crore (gross) worth of direct taxes have been collected so far in the current financial year 2023-24, representing a 17.95 per cent increase on a yearly basis, Central Board of Direct Taxes Chairman Nitin Gupta said on Tuesday.

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The provisional figures of direct tax collections were up to October 9.

Direct tax collection, net of refunds, stood at ₹9.57 lakh crore which is 21.82 per cent higher than the net collections for the same period of last year.

This collection, according to the CBDT, is 52.50 per cent of the total Budget estimates of direct taxes for for the nancial year 2023-24.

As far as Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections are concerned, the growth rate for CIT is 7.30 per cent while that for PIT is about 29 per cent.

"Refunds amounting to Rs. 1.50 lakh crore have been issued during 1st April, 2023 to 09th October 2023," the CBDT chairman said.

Over the last few years, various efforts have been made to increase the tax base and improve compliance.

In the entire financial year 2022-23 for example, the total gross GST collection stood at ₹18.10 lakh crore and the average gross monthly collection for the full year is ₹1.51 lakh crore. The gross revenues in 2022-23 were 22 per cent higher on a yearly basis.

Notably, in April this year, the gross GST collection was at an all-time high of ₹187,035 crore.