Robust Growth in Direct Tax Collections in 2023 Signals Strong Economic Recovery and Fiscal Progress in India

The provisional data for Direct Tax collections as of October 9, 2023, continues to exhibit robust growth. Gross collections have reached Rs. 11.07 lakh crore, marking a substantial increase of 17.95% compared to the same period in the previous year.
When considering net collections, which account for refunds, the figure stands at Rs. 9.57 lakh crore, reflecting an impressive growth of 21.82% over the previous year’s equivalent period. These collections amount to 52.50% of the total Direct Tax Budget Estimates for the fiscal year 2023-24.
Analyzing the growth rates of Corporate Income Tax (CIT) and Personal Income Tax (PIT) concerning gross revenue collections, CIT has seen a growth rate of 7.30%, while PIT has recorded a remarkable 29.53% growth (PIT only) or 29.08% growth (PIT including Securities Transaction Tax, STT).
Upon adjusting for refunds, the net growth in CIT collections is 12.39%, and for PIT collections, it stands at an impressive 32.51% (PIT only) or 31.85% (PIT including STT).
Notably, refunds totaling Rs. 1.50 lakh crore have been disbursed from April 1, 2023, to October 9, 2023. This reflects the government’s commitment to facilitating tax refunds and supporting taxpayers.
Read Now:China Conducts Nationwide Survey to Address Declining Birth Rate