Published: 15th Feb, 2024
Context
India’s net direct tax collections picked up pace over the past month to rise 20.25% year-on-year by February 10, compared to a 19.4% uptick on the same date in January, as per data released by the Finance Ministry.
Data
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Net direct tax is calculated by deducting refunds from gross tax inflows |
- From Rs 14.7 lakh crore on January 10, net direct tax collections, had hit Rs 15.6 lakh crore by Saturday, constituting 80.23% of the revised estimates for direct taxes for this year.
- Personal Income vs Corporate Income: Growth in the Personal Income Tax (PIT) revenues continued to outstrip Corporate Income Tax (CIT), with a 26.91% uptick in net PIT collections vis-à-vis a 13.6% rise in CIT inflows so far this year.
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Personal Income Tax |
Corporate income-tax (CIT) |
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- Revenue collection from direct taxes in 2023-24 is set to surpass the budgetary estimate by Rs 1.22 lakh crore.
- Indirect Tax collection: Not just direct taxes, there has been buoyancy in indirect tax collections as well. Revenue collection from Goods and Services Tax (GST) soared to Rs 16.69 lakh crore in the first 10 months of the current financial year, which is 11.6% higher when compared with the collection during the same period last year.
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Interim Budget for 2024-25 In the interim budget, the government increased the direct tax revenue target for the current financial year to Rs 19.45 lakh crore from the original budgetary estimate of Rs 18.23 lakh crore. |
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