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Business News/ Economy / India's net direct tax collection rises 20.25% YoY to 15.60 lakh crore, reaches over 80% of FY24 target
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India's net direct tax collection rises 20.25% YoY to ₹15.60 lakh crore, reaches over 80% of FY24 target

India's Direct Tax collections up to 10th February, 2024 show gross collections at ₹18.38 lakh crore, 17.30% higher than last year's collections.

India's net direct tax collections have increased by 20.25 % to ₹15.60 lakh crore (REUTERS)Premium
India's net direct tax collections have increased by 20.25 % to 15.60 lakh crore (REUTERS)

Central Board of Direct Taxes, on Sunday, released a new report revealing that the country’s net direct tax collections have increased by 20.25 % to 15.60 lakh crore higher than the net collections for the corresponding period of last year. This collection is 80.23% of the total Revised Estimates of Direct Taxes for FY 2023-24, according to the CBDT. The gross direct tax collection soared to 18.38 lakh crore as of 10 February which is 17.30% higher than the gross collections for the corresponding period of last year, CBDT data added.

"The provisional figures of direct tax collections continue to register steady growth. Direct tax collections up to 10th February 2024 show that gross collections are at 18.38 lakh crore, which is 17.30 per cent higher than the gross collections for the corresponding period of last year," Central Board of Direct Taxes (CBDT) said in a statement.

The big tax growth FM spoke of isn’t reflecting in interim budget’s estimates

Further, the gross revenue collections for Corporate Income Tax (CIT) and Personal Income Tax (PIT) also showed steady growth as per the CBDT data.

The net growth rate for the Corporate Income Tax stood at 13.57% while Personal Income Tax collections stood at 26.91%.

Also refund of 2.77 lakh crore has been issued till 10 February.

Budget 2024: One crore taxpayers to get relief from outstanding tax demands

According to the Indian government's data, the number of taxpayers filing income tax returns has more than doubled to 7.78 crore in the past 10 years.

The number of Income Tax Returns (ITRs) filed in FY23 stood at 7.78 crore, showing a 104.91% increase as compared to the 3.8 crore ITRs filed in 2013-14, CBDT's statistics reveal.

Budget 2024: FM announces removal of direct tax demands, faster processing time

During the same period, the net direct tax collections increased 160.52 per cent from 6,38,596 crore in FY14 to 16,63,686 crore in 2022-23, it said.

At the same time, direct tax-to-GDP ratio went up from 5.62 per cent to 6.11 per cent.

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Published: 11 Feb 2024, 01:15 PM IST
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