 "India's direct tax collection up 17.6% to Rs 12.3 trillion till Nov 9: CBDT")
India's gross direct tax collections till November 9, at Rs 12.37 trillion, were 17.5 per cent higher than the same period last year, according to the Central Board of Direct Taxes (CBDT).
The net collections, which exclude refunds, were 21.8 per cent higher at Rs 10.6 trillion during the period. Between April 1 and November 9, a tax refund worth Rs 1.77 trillion has been issued by the Centre.
Currently, the tax collection stands at 58.15 per cent of the total Budget Estimates for the year 2023-24 (FY24).
The CBDT further said that the Corporate Income Tax (CIT) has registered a gross growth of 7.13 per cent. The Personal Income Tax (PIT) is up 28.29 per cent this year, as compared to last year. Including the Securities Transaction Tax, PIT has grown 27.98 per cent.
"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 (PIT only)/ 31.26 per cent (including STT)," the board said.
Earlier, Business Standard reported that with the present momentum in direct tax and goods and services tax (GST) collections expected to be sustained in the coming months, India's total tax receipts in FY24 could exceed the Budget Estimate by a "considerable margin".
Also Read
On the GST front, authorities are anticipating 13-14 per cent year-on-year growth in collection, with the monthly average seen touching Rs 1.7-1.8 trillion in 2024-25, sources said.
With a collection of Rs 1.72 trillion in October, the highest ever in a month after the Rs 1.87 trillion reported in April, the monthly average GST mop-up this financial year stands between Rs 1.6 trillion and Rs 1.65 trillion.
"This is on account of several policy measures and action plans that the revenue department has readied and initiated in the past few months. These would fully reflect in the next financial year," a source had told Business Standard.
Taking both direct and indirect taxes, the gross collection is expected to grow 10.45 per cent to Rs 33.61 trillion in FY24.