The Central Board of Direct Taxes (CBDT) reported a 15.41% increase in total tax collections from April 1 to November 10, amounting to Rs 12.1 lakh crore. This includes net corporate tax collections of Rs 5.10 lakh crore and non-corporate taxes totaling Rs 6.62 lakh crore, contributed by individuals, Hindu Undivided Families (HUFs), and firms. Additionally, Rs 35,923 crore was collected from other taxes, such as the Equalisation Levy and gift tax.
Gross direct tax collections reached Rs 15.02 lakh crore, reflecting a 21.20% increase compared to the same period last year. During this timeframe, refunds totaling Rs 2.92 lakh crore were issued, marking a 53% rise from last year’s figures.
After deducting these refunds, net direct tax collections—including corporate, non-corporate, and other taxes—rose by 15.41%, up from Rs 10.49 lakh crore collected in the same period of the prior financial year. The government aims to achieve a direct tax collection target of Rs 22.12 lakh crore for the current fiscal year, FY25, which includes personal income tax, corporate tax, and other taxes—representing a 13% increase over the previous fiscal year.
Last Year Data
The provisional figures for Direct Tax collections in FY 2023-24 (as of March 17, 2024) indicate that net collections have reached Rs. 18.90 lakh crore, up 19.88% from Rs. 15.77 lakh crore in the same period of the previous fiscal year (FY 2022-23).
Breakdown of Net Direct Tax Collections
The net Direct Tax collection of Rs. 18.90 lakh crore comprises:
- Corporate Tax (CIT): Rs. 9.14 lakh crore (net of refunds)
- Personal Income Tax (PIT), including Securities Transaction Tax (STT): Rs. 9.72 lakh crore (net of refunds)
Gross Direct Tax Collections
The gross collection of Direct Taxes for FY 2023-24 (before refunds) is Rs. 22.27 lakh crore, a growth of 18.74% over the Rs. 18.76 lakh crore collected during the same period in FY 2022-23. This includes:
- Corporate Tax (CIT): Rs. 10.98 lakh crore
- Personal Income Tax (PIT), including STT: Rs. 11.25 lakh crore
Collection by Category
- Advance Tax: Rs. 9.11 lakh crore
- Tax Deducted at Source (TDS): Rs. 10.44 lakh crore
- Self-Assessment Tax: Rs. 1.73 lakh crore
- Regular Assessment Tax: Rs. 73,548 crore
- Other Minor Heads: Rs. 24,177 crore
Advance Tax Growth
Advance Tax collections in FY 2023-24 reached Rs. 9.11 lakh crore, a 22.31% increase from Rs. 7.45 lakh crore in FY 2022-23. This includes:
- Corporate Tax (CIT): Rs. 6.73 lakh crore
- Personal Income Tax (PIT): Rs. 2.39 lakh crore
Refunds Issued
Refunds totaling Rs. 3.37 lakh crore were issued in FY 2023-24 as of March 17, 2024, marking a 12.74% increase from Rs. 2.99 lakh crore issued in the same period last year.
These figures reflect substantial growth across categories, highlighting both increased collections and timely refund processing in the fiscal year.
