Net Direct Tax Collection cross 80% of full-year target

New Delhi: Net direct tax collection has soared this fiscal year, reaching an impressive 19.41 per cent increase over the same period last year. As of January 10, 2024, the Central Board of Direct Taxes (CBDT) reported a total collection of Rs. 14.70 lakh crore, which translates to over 81 per cent of the full-year target.

“Direct tax collections continue to exhibit robust growth,” stated the CBDT in a press release. The strong performance surpasses last year’s figures and represents a significant step towards achieving the ambitious budget target of Rs. 18.23 lakh crore for current fiscal, 9.75 per cent higher than Rs 16.61 lakh crore mopped up in FY23.

While refunds issued during the same period amounted to Rs. 2.48 lakh crore, the remaining net collection remains encouraging. Gross direct tax collections stand at Rs. 17.18 lakh crore, a respectable 16.77 per cent increase year-on-year.

At 8.32 per cent, Corporate Income Tax (CIT) growth remains steady, while Personal Income Tax (PIT) surges ahead with a remarkable 26.11 per cent increase. After adjusting for refunds, the net growth momentum continues, with CIT rising 12.37 per cent and PIT exceeding expectations at 27.26 per cent.