Direct tax collection grows 20% to Rs 18.90 trillion till March 17

The government had in the revised estimates for direct tax collection pegged the receipts for the full fiscal (April-March) at Rs 19.45 lakh crore.

The net direct tax collection grew 19.88 per cent to over Rs 18.90 trillion till March 17, the income tax department said on Tuesday.

The net direct tax collection of Rs 18,90,259 crore(as of March 17) includes Corporation Tax (CIT) at Rs 9,14,469 crore (net of refund) and Personal Income Tax (PIT), including Securities Transaction Tax (STT) at Rs 9,72,224 crore (net of refund).

Refunds amounting to about Rs 3.37 trillion have also been issued in the current fiscal till March 17.

On a gross basis, before adjusting refunds, the direct tax collection stood at Rs 22.27 trillion, an 18.74 per cent growth over the year-ago period.

“The provisional figures of Direct Tax collections for the Financial Year 2023-24 (as of March 17, 2024) show that net collections are at Rs 18,90,259 crore, compared to Rs 15,76,776 crore in the corresponding period of the preceding Financial Year (FY 2022-23), representing an increase of 19.88 per cent,” the Central Board of Direct Taxes (CBDT) said in a statement.

The government had in the revised estimates for direct tax collection pegged the receipts for the full fiscal (April-March) at Rs 19.45 trillion.