So far this fiscal year, net direct tax collection has increased by 20% year-on-year to Rs 1,560 crore, accounting for 80% of the revised budget estimate for the entire fiscal year.
“Direct tax provisional collection figures continue to grow steadily. Direct tax collection as on February 10, 2024 showed a total tax collection of Rs 1,838 crore, which is 17.30% higher than the total tax collection in the same period last year.” A statement.
Direct tax collection (net of refunds) stood at Rs 1,560 crore as on February 10, FY24, which was 20.25% higher than the net tax collection in the same period last year. The collection constitutes 80.23% of the total revised estimate of direct taxes for 2023-24.
Between April 1, 2023 and February 10, 2024, tax refunds amounting to Rs 2.77 billion have been issued. Total revenue from corporate income tax (CIT) and personal income tax (PIT) also showed steady growth.
The growth rate of CIT is 9.16%, while the growth rate of PIT is 25.67% (PIT only). After tax rebate adjustment, the net increase of corporate income tax was 13.57%, and the net increase of personal income tax was 26.91% (personal income tax only).
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