Gross direct tax collections in India rise about 18% this fiscal

New Delhi: A total of Rs 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, according to provisional figures put out by the Central Board of Direct Taxes (CBDT).

Tax collection, net of refunds, stands at Rs 10.60 lakh crore, which is 21.82 per cent higher than the net collections for the corresponding period of last year. This collection is 58.15 per cent of the total Budget estimates of direct taxes for the financial year 2023-24.

The rates of Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections grew 7.13 per cent and 28.29 per cent, respectively.

After adjustment of refunds, the net growth in CIT collections is 12.48 per cent and that in PIT collections is 31.77 per cent.

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

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

For example, in the entire financial year 2022-23, the total gross GST collection stood at Rs 18.10 lakh crore and the average gross monthly collection for the full year was Rs 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 Rs 187,035 crore.