Financial Services News

Direct tax collections cross 80% of 2023-24 target

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India’s net direct tax collections touched ₹14.7 lakh crore by January 10, meeting over four-fifths of this year’s target and reflecting a growth of 19.4% over the same period of 2022-23.  

India’s net direct tax collections touched ₹14.7 lakh crore by January 10, meeting over four-fifths of this year’s target and reflecting a growth of 19.4% over the same period of 2022-23.  

India’s net direct tax collections touched ₹14.7 lakh crore by January 10, meeting over four-fifths of this year’s target and reflecting a growth of 19.4% over the same period of 2022-23.

The Central Board of Direct Taxes (CBDT) on January 11 said that provisional direct tax collections continue to register ‘steady growth’ with gross collections rising 16.77% to ₹17.18 lakh crore, led by a 26.11% rise in Personal Income Tax (PIT) inflows. Corporate Income Tax or CIT collections grew at a relatively muted pace of 8.32%.

“After adjustment of refunds, the net growth in CIT collections is 12.37% and that in PIT collections is 27.26% (PIT only),” the Board said in a statement. Net of refunds, PIT and Securities Transaction Tax receipts were up 27.22%.

The net direct tax kitty has grown ₹1 lakh crore since December 17, when it had crossed ₹13.7 lakh crore. At the time, the growth was slightly higher at 20.66%.

“Direct Tax collection, net of refunds, stands at Rs. 14.70 lakh crore which is 19.41% higher than the net collections for the corresponding period of last year. This collection is 80.61% of the total Budget Estimates of Direct Taxes for F.Y. 2023-24,” the statement said.

Refunds amounting to ₹2.48 lakh crore had been issued to taxpayers by Wednesday, around ₹23,000 crore than the refunds that had been sent by December 17.

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