India's Direct Tax Collections Exceeds Revised Estimates; Surpass Last Year’s By 20.3%

New Delhi, Feb 12 (KNN) According to a release from the finance ministry, the Centre's direct tax collections, net of refunds, reached Rs 15.6 trillion as of February 10 in the current fiscal year, marking a substantial 20.3 per cent increase compared to the previous year.

This surge in collections has propelled the total to 80.2 per cent of the revised estimate (RE) target for FY24. The RE has set the government's direct tax mop-up at Rs 19.5 trillion, higher than the Rs 18.2 trillion projected in the Budget estimate (BE) for FY24.

Remarkably, the 20.3 per cent growth in direct tax collections outstrips the 17.2 per cent year-on-year growth forecasted in the RE of FY24, indicating the potential for the actual mop-up to exceed projections.

Breaking down the collections, the corporate income tax (CIT) registered a 13.6 per cent year-on-year growth, while the personal income tax (PIT) saw a significant uptick of 26.9 per cent.

PIT collections, inclusive of Securities Transactions Tax (STT), surged by 27.2 per cent from April 1 to February 10.

Additionally, refunds totalling Rs 2.77 trillion have been disbursed during this period, as confirmed by the finance ministry.

The gross (pre-refunds) direct tax collections for the period of April 1 to February 10 reached Rs 18.28 trillion, reflecting a robust 17.3 per cent increase year-on-year.

Within this figure, gross CIT and PIT collections rose by 9.2 per cent and 25.7 per cent respectively, compared to the previous year.

(KNN Bureau)