Gross direct tax receipts for the fiscal year 2023–24 climbed 17.5% to 11.07 lakh crore

According to the Income Tax (I-T) Department, gross direct tax receipts for the fiscal year 2023–24 up to October 9, 2023, climbed 17.5% to 11.07 lakh crore.

Read more: Only 87% of Rs 2,000 rupees withdrawn were returned to banks

After accounting for refunds, direct tax receipts came to 9.57 lakh crore, up 21.82% from the same time in the previous fiscal.

From April 1, 2023, to October 9, 2023, refunds totaling Rs.1.50 lakh crore were issued, according to a press release from the I-T Department.

Income tax (CIT) in terms of gross revenue receipts are 7.30% and 29.53 percent, respectively. According to the I-T Department, personal income tax has increased by 29.08% when taking securities transaction tax (STT) into account.

Refunds having been adjusted, CIT collections have increased by a net 12.39%. After adjusting for reimbursements, the net growth for PIT and PIT including STT is 32.51% and 31.85%, respectively.

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