Direct tax collection surges 20% to Rs 18.90 trillion till March 17q
New Delhi: The income tax department reported a growth of 19.88 percent in net direct tax collection, which has surpassed Rs 18.90 trillion as of March 17.
This total comprises Corporation Tax (CIT) amounting to Rs 9,14,469 crore (net of refund) and Personal Income Tax (PIT), including Securities Transaction Tax (STT), totalling Rs 9,72,224 crore (net of refund).
In the ongoing fiscal year until March 17, refunds totaling around Rs 3.37 trillion have been issued. Before accounting for refunds, the gross direct tax collection amounted to Rs 22.27 trillion, reflecting an 18.74 percent increase compared to the same period last year.
"The provisional figures of Direct Tax collections for the Financial Year 2023-24 (as of March 17, 2024) show that net collections are at Rs 18,90,259 crore, compared to Rs 15,76,776 crore in the corresponding period of the preceding Financial Year (FY 2022-23), representing an increase of 19.88 percent," the Central Board of Direct Taxes (CBDT) said in a statement.
In the revised estimates for direct tax collection, the government had projected total receipts for the entire fiscal year (April-March) to be Rs 19.45 trillion.
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