News

Published: February 12, 2024
Updated: February 12, 2024

India's Direct Tax Collections Surge, Exceeding 80% of FY24 Target

Robust Growth in Direct Tax Collections:

India's direct tax collections have surged, reaching Rs. 18.38 lakh crore as of February 10, marking a remarkable 17% increase compared to the same period last year. Net of refunds, the collections stand at Rs. 15.60 lakh crore, representing a substantial 20% growth year-on-year.

Meeting Fiscal Targets:

This impressive performance translates to 80.23% of the total Revised Estimates of Direct Taxes for FY24, underscoring the government's progress towards meeting its fiscal targets despite economic uncertainties.

Steady Growth in Revenue Streams:

Both Corporate Income Tax (CIT) and Personal Income Tax (PIT) revenue streams have exhibited steady growth. CIT revenue has grown by 9.16%, while PIT revenue has seen a remarkable increase of 25.67% (PIT only) or 25.93% (PIT including STT). Adjusted for refunds, net growth in CIT collections stands at 13.57%, with PIT collections soaring by 26.91% (PIT only) or 27.17% (PIT including STT).

Refunds Issuance:

The government has issued refunds totaling Rs 2.77 lakh crore during the period from April 1, 2023, to February 10, 2024, providing relief to taxpayers and enhancing liquidity in the economy.

Positive Economic Outlook:

These robust tax collection figures reflect a positive economic outlook, demonstrating resilience and buoyancy in India's fiscal landscape despite global challenges. The government's proactive measures and reforms have bolstered revenue streams, contributing to sustainable economic growth.

India's direct tax collections surpassing 80% of the FY24 target signify a significant milestone in the country's fiscal trajectory. With continued momentum and prudent fiscal management, India is poised to achieve its fiscal objectives and emerge stronger in the global economic landscape.