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Informative

India’s net direct tax collection rises 20.25% YoY to ₹15.60 lakh crore

Update / Judgement Date

04 Jun 2024

Source

Livemint

Author

Team — WCP Legal Desk

Reading Time

1 min read

Income Tax

The Central Board of Direct Taxes reported a 20.25% increase in India's net direct tax collections, reaching ₹15.60 lakh crore, 80.23% of the Revised Estimates for FY 2023-24. \r


Gross direct tax collection surged to ₹18.38 lakh crore, up by 17.30% compared to the previous year. Corporate Income Tax (CIT) and Personal Income Tax (PIT) revenues also showed steady growth, with CIT growing by 13.57% and PIT by 26.91%. \r


Additionally, refunds totaling ₹2.77 lakh crore were issued. Over the past decade, the number of income tax return filers more than doubled to 7.78 crore, reflecting a 104.91% increase since 2013-14.