The Centre’s direct tax collections, net of refunds, stood at Rs 15.6 trillion as on February 10 in the current financial year, which is 20.3% higher on year, a release issued by the finance ministry said. The collections accounted for 80.2% of the revised estimate (RE) target for FY24.
The RE has pegged the government’s direct tax mop-up at Rs 19.5 trillion, higher than Rs 18.2 trillion pegged in the Budget estimate (BE) of FY24.
At 20.3%, the direct tax collections so far exceeds the 17.2% year-on-year growth projected in the RE of FY24, indicating a possibility of actual mop-up surpassing the RE.
Of the total collections, the corporate income tax (CIT) mop-up registered 13.6% growth on year, and PIT mop-up grew by 26.9%. The PIT collections including Securities Transactions Tax (STT) rose 27.2% on year during April 1 – February 10.
Also, refunds amounting to Rs. 2.77 trillion crore have been issued during the period, the finance ministry said.
The gross (pre-refunds) direct tax collections during April 1 – February 10 stood at Rs 18.28 trillion, up 17.3% on year. Within this, gross CIT and PIT mop-up rose by 9.2% and 25.7%, year-on-year, respectively.