Nagaland News Watch

At Rs 15.60 lakh crore, direct tax collection reaches 80% of FY24 revised estimates

<p>In the current fiscal year, net direct tax collection has increased by 20% year over year to Rs 15.60 lakh crore, or 80% of the revised Budget Estimates for the whole fiscal year.</p>
<p><img decoding=”async” class=”alignnone wp-image-396997″ src=”” alt=” at rs 15 60 lakh crore direct tax collection reaches 80 of fy24 revised estimates” width=”1076″ height=”717″ title=”At Rs 15.60 lakh crore, direct tax collection reaches 80% of FY24 revised estimates 3″ srcset=” 510w,–150×100.jpg 150w” sizes=”(max-width: 1076px) 100vw, 1076px” /></p>
<p>“Provisional data on direct tax receipts show continued steady rise. The Central Board of Direct Taxes (CBDT) released a statement stating that gross revenues from direct tax collections up to February 10, 2024, are at Rs 18.38 lakh crore, which is 17.30 percent more than the gross collections for the same time last year.</p>
<p>Up to February 10 of FY24, direct tax receipts, net of refunds, were Rs 15.60 lakh crore, a 20.25 percent increase over net collections during the same time the previous year. This amount collected accounts for 80.23 percent of the revised total estimated direct tax revenue year 2023–2024.</p>
<p>Refunds of taxes of Rs 2.77 lakh crore were distributed between April 1, 2023, and February 10, 2024. Both the corporate income tax (CIT) and the personal income tax (PIT) demonstrated consistent increases in gross revenue collections.</p>
<p>The growth rate for PIT (PIT alone) was 25.67%, compared to 9.16% for CIT. It also said that the net rise in CIT collections was 13.57%, while the net growth in PIT collections (PIT alone) was 269.1% after adjustment for refunds.</p>