Net direct tax collections surge 19% to Rs 14.7 lakh crore

India’s direct tax collections (net of refunds) surged to Rs 14.7 lakh crore till January 10 in the current financial year, registering a year-on-year growth of 19.41 per cent, on the back of robust increase in mop-up from personal income tax, as per official data released on Thursday.

Collections till January 10 is 80.61 per cent of the total budgeted amount of Rs 18.23 lakh crore for the full year 2023-24.

While the personal income tax rose sharply by 26.11 per cent, the growth in collections from corporate income tax stood at a sluggish 8.32 per cent.

As per data released by the Central Board of Direct Taxes (CBDT), total direct tax collections up to January 10 stood at Rs 17.18 lakh crore, which is 16.77 per cent higher than the gross collections for the corresponding period of last year.

Refunds amounting to Rs 2.48 lakh crore were issued between April 1, 2023 and January 10, 2024, yielding the net collection of Rs 14.70 lakh crore.

After adjustment of refunds, the net growth in corporate income tax collections stood at 12.37 per cent and that in personal income tax collections at 27.26 per cent.