Gross direct tax collections for 2023-24 crossed the Rs 11-lakh-crore mark in October with the figure standing at Rs 11.07 lakh crore as on October 9, the Finance Ministry said on October 10. As per the ministry's statement, the gross direct tax collection so far in the current financial year is 18 percent higher compared to the same period last year.
On a net basis, the direct tax collections stand at Rs 9.57 lakh crore, 21.8 percent higher on a year-on-year (YoY) basis with refunds to the tune of Rs 1.5 lakh crore having been issued so far.
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Direct taxes comprise corporate income tax and personal income tax. As per the budget presented on February 1, the Centre is hoping to collect Rs 9.23 lakh crore as corporate tax and Rs 9.01 lakh crore as personal income tax in 2023-24.
As such, the net direct tax collections collected from April 1-October 9 is 52.5 percent of the full-year estimate of Rs 18.23 lakh crore.
"So far as the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections is concerned, the growth rate for CIT is 7.3 percent while that for PIT is 29.53 percent (PIT only)/ 29.08 percent (PIT including STT)," the finance ministry statement said.
STT is Securities Transaction Tax.
After adjusting for refunds, the net growth in corporate tax collections is 12.39 percent and that in personal income tax collections is 32.51 percent. Including STT, growth in personal income tax collections stood at 31.85 percent.
The Ministry of Finance did not provide a break-up of the corporate and personal income tax collected from April 1-October 9.
According to official data released for April-August by the Controller General of Accounts on September 29, corporate and income tax collections in the first five months of the current year were up 15 percent and 36 percent, respectively, from the same period last year.
The jump in direct tax collections in August helped limit the Centre's fiscal deficit in the first five months of 2023-24 to 36 percent of the full-year target. The Indian government is targeting a fiscal deficit of 5.9 percent of GDP this year on its way to reducing it to under 4.5 percent by 2025-26.
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