Team Blitz India
NEW DELHI: India’s direct tax collections rose 21.82 per cent year-on-year (YoY) at Rs 9.57 lakh crore in the current fiscal (2023-24) till October 9, 2023, according to the Central Board of Direct Taxes (CBDT). The direct tax collections – net of refunds, is 52.50 per cent of the total budget estimates of direct taxes for FY24.
The provisional figures of the direct tax collections showed that gross collections are at Rs. 11.07 lakh crore which is 17.95 per cent higher than the gross collections for the comparable period of last year.
The growth rate for corporate income tax (CIT) came in at 7.30 per cent and personal income tax (PIT) stood at 29.53 per cent in terms of gross revenue collections, according to the Revenue Department of finance ministry. 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 per cent.
