Net direct tax collections up 22 % to ₹10.60 lakh crore in FY24

Net direct tax collection has increased by 22 per cent in the current fiscal year, reaching Rs 10.60 lakh crore. This surpasses 58 per cent of the Budget target for the entire year, the Income Tax department said on Friday. The net corporate tax collection growth is 12.48 per cent, while the mop-up from personal income tax has risen by 31.77 per cent. “Direct Tax collection, net of refunds, stands at Rs 10.60 lakh crore which is 21.82 per cent higher than the net collection for the corresponding period of last year.” This collection is 58.15 per cent of the total Budget Estimates of Direct Taxes for F.Y. 2023-24," the I-T department said in a statement. Refunds totalling Rs 1.77 lakh crore have been issued between April 1 to November 9, 2023.On a gross basis, collection from direct tax, which includes corporate and Personal Income Tax (PIT), rose 17.59 per cent to Rs 12.37 lakh crore. The growth rate for corporate income tax (CIT) is 7.13 per cent, while that for PIT is 28.29 per cent. The 2023-24 budget has pegged direct tax collection at a little over Rs 18.23 lakh crore, a 9.75 per cent higher than Rs 16.61 lakh crore mopped up last fiscal. With inputs from PTI.