Gross Direct Tax Collection in India Surges by 17.6%, Reaching Rs 12.3 Trillion Until November
The government has set a target of 10.5% growth in revenues from corporate and individual income tax, aiming to reach Rs 18.23 trillion in the current financial year.
Gross Direct Tax Collection in India Surges by 17.6%, Reaching Rs 12.3 Trillion Until November
India's gross direct tax collection saw a substantial 17.6% surge, reaching Rs 12.37 trillion from April 1 to November 9, as reported by the Central Board of Direct Taxes (CBDT) on Friday. The net direct tax collection, after factoring in refunds, stood at Rs 10.6 trillion, marking a significant 21.82% increase compared to the corresponding period last year.
The government has set a target of 10.5% growth in revenues from corporate and individual income tax, aiming to reach Rs 18.23 trillion in the current financial year. The net collection, according to the direct tax administration, already represents 58.15% of the Budget Estimates (BE) for direct taxes for 2023-24.
Breaking down the figures, the growth rate for corporate income tax (CIT) on a gross basis is at 7.13%, while personal income tax (PIT) exhibits a robust growth rate of 28.29%.
The growth rate for personal income tax (PIT), which includes securities transaction tax (STT), has notably increased by 27.98%. After accounting for refunds, the net growth in (CIT) collection is 12.48%, and for (PIT), it stands impressively at 31.77%, inclusive of STT, making the overall growth 31.26%.
The sources suggest an anticipated 10.1% year-on-year growth in gross collection and a slightly higher net collection of 11.1% for the fiscal year 2023-24.
Despite a slow start, corporation tax collection in September experienced a remarkable 27% year-on-year growth, supported by healthy advance tax inflows, almost reaching 49% of the Budget Estimate (BE) for the year. On the other hand, personal income tax collection is steadily approaching the Budget Estimate.
Also Read: What is Income Tax Rebate? Types, Eligibility of Tax Rebate
FILING YOUR INCOME TAX RETURN F.Y 2022-23 (A.Y. 2023-2024) WITH MYITRONLINE
Income tax filing deadline is right around the corner. If you haven’t filed yet, do it now for FREE on Myitronline! Avoid last minute rush and file your tax return today on MYITRONLINE in Just 5 mins.(www.myitronline.com)
If you are looking for eCA assistance to file your income tax return/ GST, you can opt for MYITRONLINE eCA assisted plan starting
Upload Salary Individual Form-16
If you have any questions with filing your tax return, please reply to this mail. info@myitronline.com OR call 9971055886.
Note-All the aforementioned information in the article is taken from authentic resources and has been published after moderation. Any change in the information other than fact must be believed as a human error. For queries mail us at marketing@myitronline.com
Krishna Gopal Varshney
An editor at MyitronlinenewsKrishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.