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Corporate tax mop-up grows over 12%

Net direct tax kitty widens by 22% to Rs10.60 lakh cr so far in FY24

Corporate tax mop-up grows over 12%

Here's how an insurance plan can reduce your tax burden

Tax Revenue

  • Direct Tax collection, net of refunds, rose 21.82% to Rs10.60 lakh cr
  • Corporate Income-Tax (CIT) collection up 7.13%
  • Rs1.77-lakh cr refunds issued during Apr 1-Nov 9
  • 2023-24 Budget pegged direct tax collection at Rs18.23 lakh cr, a 9.75% higher than Rs16.61 lakh cr mopped up last fiscal

New Delhi: Net direct tax collection swelled 22 per cent so far this fiscal year to Rs10.60 lakh crore, crossing 58 per cent of the Budget target for the full year, the Income-Tax (I-T) department said on Friday. The net corporate tax collection grew 12.48 per cent and personal income tax mop-up rose 31.77 per cent.

“Direct Tax collection, net of refunds, stands at Rs10.60 lakh crore, which is 21.82 per cent higher than the net collection for the corresponding period of last year. This collection is 58.15 per cent of the total Budget Estimates of Direct Taxes for FY 2023-24,” the I-T department said in a statement.

The country’s gross direct tax collections rose to Rs12.37 lakh crore mark as of November 9 during the current financial tear which represents a 17.59 per cent increase over the same period of the previous year, according to data released by the Finance Ministry on Friday.

Refunds totalling Rs1.77 lakh crore have been issued between April 1 and November 9, 2023. On a gross basis, collection from direct tax, which includes corporate and Personal Income-Tax (PIT), rose 17.59 per cent to Rs12.37 lakh crore. The growth rate for Corporate Income-tax (CIT) is 7.13 per cent, while that for PIT is 28.29 per cent. The 2023-24 Budget has pegged direct tax collection at a little over Rs18.23 lakh crore, a 9.75 per cent higher than Rs16.61 lakh crore mopped up last fiscal.

The gross Corporate Income Tax (CIT) collection has grown at 7.13 per cent, while Personal Income-Tax (PIT) shot up by 28.29 per cent. The net growth in CIT collections is 12.48 per cent and that in PIT collections is 31.77 per cent. Refunds amounting to Rs 1.77 lakh crore have been issued during April 1 to November 9.

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