India's net direct tax collection surges by 19% to ₹14.71 lakh crore in FY24

India has witnessed a significant surge in net direct tax collection, with figures reaching ₹14.71 lakh crore in the ongoing fiscal year, marking a noteworthy 19% increase, according to an announcement by the income tax department on Thursday.

Comparing this to the corresponding period last year, the gross collection has shot up by 24.58%, showcasing a robust performance in revenue generation. The net direct tax collection, after factoring in refunds, stands at ₹12.31 lakh crore, reflecting a substantial 19.55% uptick compared to the same period in the previous fiscal year.

The Central Board of Direct Taxes (CBDT) highlighted that this collection achievement constitutes a remarkable 86.68% of the total budget estimates for direct taxes in FY 2022-23.

Breaking down the growth rates, Corporate Income Tax (CIT) witnessed a 19.72% rise, while Personal Income Tax (PIT), including Securities Transaction Tax (STT), recorded an impressive growth rate of 30.46%.

Factoring in refunds, the net growth in CIT collections reached 18.33%, while PIT collections surged by 21.64% for PIT only and 20.97% for PIT, including STT.

Additionally, the income tax department revealed that refunds totaling ₹2.40 lakh crore have been issued from April 1, 2022, to January 10, 2023, reflecting a substantial 58.74% increase compared to the previous fiscal year during the same period.

The government's ambitious budget target for direct taxes stands at ₹18.23 lakh crore, a noteworthy increase from the ₹16.61 lakh crore collected in the preceding fiscal year, underlining a positive trend in the country's fiscal health.

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