10 October, New Delhi: The Central Board of Direct Taxes (CBDT) said on Tuesday that India’s direct tax revenues increased by 21.82% YoY to Rs 9.57 lakh crore until October 9 of the current fiscal year.
In the fiscal year 2023–24, the government collected 52.50 percent of the entire budgeted amount for direct taxes (after accounting for refunds).
Based on preliminary data, it seems that direct tax receipts topped out at Rs 11.07 lakh crore, an increase of 17.95 percent over the same time last year.
Gross revenue collections increased by 7.30 percent for corporate income taxes and by 29.53 percent for individual income taxes, the report shows.
According to the report, “with respect to the growth rate for corporate income tax (CIT) and personal income tax (PIT) in terms of gross revenue collections, the CIT growth rate is 7.3% and the PIT growth rate is 29.53% (PIT only) or 29.08% (PIT including STT).” A statement from the Ministry of Finance said that when refunds were factored in, CIT collections increased by 12.39% and PIT collections increased by 32.51% (PIT only) or 31.85% (PIT plus STT).