NEW DELHI: The country’s net direct tax collections surged to Rs 14.7 lakh crore by January 10, achieving over four-fifths of the year’s target and registering a growth of 19.4% compared to the same period in 2022-23.
The Central Board of Direct Taxes (CBDT) on Thursday reported that provisional direct tax collections continue to show robust expansion, with gross revenue reaching Rs 17.18 lakh crore, a 16.77% increase. As per the tax department, this surge has been mainly driven by 26.11% rise in personal income tax (PIT) inflows, while corporate income tax (CIT) collections exhibited a comparatively modest growth rate of 8.32%. Following adjustments for refunds, net growth in CIT stood at 12.37%, while PIT collections have soared 27.26% (PIT only). Net of refunds, PIT and Securities Transaction Tax receipts have also seen a substantial increase of 27.22%.
Net direct tax kitty expanded by Rs 1 lakh crore since December 17 when it had surpassed Rs 13.7 lakh crore, reflecting a growth rate of 20.66% during that period. In an official statement, it stated, “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.