Direct tax revenues rise by 20% till March 17

New Delhi: Revenues from direct taxes that include personal income tax and corporate tax, surged to Rs 18.90 lakh crore till March 17 in the current financial year, registering year-on-year growth of 19.88%, as per data released by the Central Board of Direct Taxes (CBDT) on Tuesday.

This includes net corporate tax of Rs 9.14 lakh crore and net personal income tax of Rs 9.72 lakh crore.

Refunds amounting to Rs 3.36 lakh crore were issued till March 17, which is 12.74% higher than Rs 2.98 lakh crore refunds issued in the corresponding period of last financial year, the CBDT said in a statement.

The provisional figures of gross collection of direct taxes (before adjusting for refunds) for FY2023-24 stands at Rs 22.27 lakh crore, which is 18.74% higher when compared with the same period of last year. This includes Rs 10.98 lakh crore from corporate tax and Rs 11.25 lakh crore from personal income tax.

Advance tax collections so far in the current financial year (till March 17) stands at Rs 9.11 lakh crore against Rs 7.45 lakh crore in the corresponding period of last year, recording a growth of 22.31%.

The mop-up from direct taxes has crossed the budgetary estimate. In the union budget presented in February 2023, the government pegged the direct tax collection target at Rs 18.20 lakh crore. However, the target was revised upward to Rs 19.45 lakh crore in the interim budget presented in February 2024.