Refunds amounting to Rs1.77 lakh crore issued up to 09.11.2023 for the current FY
FinTech BizNews Service
Mumbai, November 10, 2023: The provisional figures of Direct Tax collections up to 09th November, 2023 continue to register steady growth. The Gross Direct Tax collections are at Rs12.37 lakh crore, which is 17.59% higher than the gross collections for the corresponding period of last year. Direct Tax collection, net of refunds, stands at Rs10.60 lakh crore which is 21.82% higher than the net collections for the corresponding period of last year. This collection is 58.15% of the total Budget Estimates of Direct Taxes for F.Y. 2023-24.
So far as the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections is concerned, the growth rate for CIT is 7.13% while that for PIT is 28.29% (PIT only)/ 27.98% [PIT including Securities Transactions Tax (STT)]. After adjustment of refunds, the net growth in CIT collections is 12.48% and that in PIT collections is 31.77% (PIT only)/ 31.26% (PIT including STT).
Refunds amounting to Rs1.77 lakh crore have been issued during 1st April, 2023 to 09th November 2023.
