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Net Personal Income Tax grows 26.91% Y-o-Y

By TIOL News Service

NEW DELHI, FEB 12, 2024: THE provisional figures of Direct Tax collections continue to register steady growth. Direct Tax collections up to 10 th February, 2024 show that gross collections are at Rs. 18.38 lakh crore which is 17.30% higher than the gross collections for the corresponding period of last year. Direct Tax collection, net of refunds, stands at Rs. 15.60 lakh crore which is 20.25 % higher than the net collections for the corresponding period of last year. This collection is 80.23% of the total Revised Estimates of Direct Taxes for F.Y. 2023-24.

The gross revenue collections for Corporate Income Tax (CIT) and Personal Income Tax (PIT) also show a steady growth.The growth rate for CIT is 9.16% while that for PIT is 25.67% (PIT only)/ 25.93% (PIT including STT). After adjustment of refunds, the net growth in CIT collections is 13.57% and that in PIT collections is 26.91% (PIT only)/ 27.17% (PIT including STT).

Refunds amounting to Rs. 2.77 lakh crore have been issued during 1 st April, 2023 to 10 th February, 2024.


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