India’s web direct tax collections touched ₹14.7 lakh crore by January 10, assembly over four-fifths of this 12 months’s target and reflecting a progress of 19.4% over the identical interval of 2022-23.
India’s web direct tax collections touched ₹14.7 lakh crore by January 10, assembly over four-fifths of this 12 months’s target and reflecting a progress of 19.4% over the identical interval of 2022-23.
The Central Board of Direct Taxes on Thursday mentioned that provisional direct tax collections proceed to register ‘steady growth’ with gross collections rising 16.77% to ₹17.18 lakh crore, led by a 26.11% rise in Personal Income Tax (PIT) inflows. Corporate Income Tax or CIT collections grew at a comparatively muted tempo of 8.32%.
“After adjustment of refunds, the net growth in CIT collections is 12.37% and that in PIT collections is 27.26% (PIT only),” the Board mentioned in an announcement. Net of refunds, PIT and Securities Transaction Tax receipts had been up 27.22%.
The web direct tax kitty has grown ₹1 lakh crore since December 17, when it had crossed ₹13.7 lakh crore. At the time, the expansion was barely increased at 20.66%.
“Direct Tax collection, net of refunds, stands at ₹14.70 lakh crore which is 19.41% higher than the net collections for the corresponding period of last year. This collection is 80.61% of the total Budget Estimates of Direct Taxes for F.Y. 2023-24,” the assertion mentioned.
Refunds amounting to ₹2.48 lakh crore had been issued to taxpayers by Wednesday, round ₹23,000 crore than the refunds that had been despatched by December 17.
Rating company ICRA mentioned it expects the complete 12 months’s direct tax collections to exceed Budget estimates by ₹1 lakh crore, with a progress of round 18% over the provisional numbers for 2022-23.
“Direct tax revenues are projected to grow by 12% in 2024-25, based on expectations that benign levels of commodity prices would augur favourably on the profitability of corporates, and hence such tax collections and the continued efforts by the Government to improve compliance are likely to support personal income tax inflows amid widening of the tax base,” the agency’s economists mentioned in a notice on Thursday
