Gross Direct Tax collection grows 18% YoY to Rs 12 lakh cr up to Nov 9
New Delhi: The Direct Tax collections up to November 9, 2023, continued to register steady growth with the Gross Direct Tax collections witnessing a 17.59% growth to Rs 12.37 lakh crore, compared to the corresponding period of last year.
Direct Tax collection, net of refunds, stands at Rs 10.60 lakh crore which is 21.82% higher than the net collections for the corresponding period of last year. This collection is 58.15% of the total Budget Estimates of Direct Taxes for FY 2023-24.
The money collected from Corporate Income Tax (CIT) grew by 7.13%, and from Personal Income Tax (PIT) by 28.29% (PIT only) or 27.98% (PIT including Securities Transactions Tax).
After refunds are considered, the actual increase in CIT collections is 12.48%, and in PIT collections, it's 31.77% (PIT only) or 31.26% (PIT including STT).
Refunds amounting to Rs. 1.77 lakh crore have been issued from April 1, 2023, to November 9, 2023.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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