Direct tax receipts for 2023 up by 18% till October 9

Gross direct tax receipts for 2023 up to October 9 amounted to INR 11.1 trillion

October 11, 2023

Net direct tax collection, after accounting for refunds, reached INR 9.6 trillion, which is 21.8% higher than the net receipts during the equivalent period in the previous year

This collection represents 52.5% of the total budget estimates for direct taxes in the fiscal year 2023-24

The growth rate for corporate income tax (CIT) was estimated at 7.3%, while personal income tax (PIT) showed substantial growth at 29.5%

Approximately 6.8 crore income tax returns have been processed, with 93.5% of the duly verified returns already being processed

Gross direct tax receipts for 2023 up to October 9 amounted to INR 11.1 trillion, marking an increase of nearly 18% compared to the same period last year, according to government reports.

After accounting for refunds, net direct tax collection reached INR 9.6 trillion, which is 21.8% higher than the net receipts during the equivalent period in the previous year. This collection represents 52.5% of the total budget estimates for direct taxes in the fiscal year 2023-24. The corporate income tax (CIT) growth rate was estimated at 7.3%, while personal income tax (PIT) showed substantial growth at 29.5%.

Upon adjusting for refunds, the net growth in CIT collection stands at 12.4%, and for PIT collection, it’s even higher at 32.5% (PIT only) or 31.9% (PIT including STT). According to the tax department, refunds totalling INR 1.5 trillion were issued between April 1, 2023, and October 9, 2023. In the assessment year 2023-24, 7.3 crore income tax returns were filed, with 7.2 crore of them being verified.

Approximately 6.8 crore income tax returns have been processed, with 93.5% of the duly verified returns already being processed, according to the Central Board of Direct Taxes (CBDT).

Source: Times of India

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