Strong Growth in Direct Tax Collections: A promising start to FY 2023-2024
1. Spectacular Growth in Gross Direct Tax Collections:
The Gross Direct Tax collections for FY 2023-24 have registered an astonishing growth rate of 18.29%. To put it into perspective, this represents a significant increase compared to the corresponding period in the preceding financial year.
In concrete terms, the Gross collection of Direct Taxes (before adjusting for refunds) stands at a whopping Rs. 9,87,061 crore for the current financial year. This impressive figure includes Corporation Tax (CIT) at Rs. 4,71,692 crore and Personal Income Tax (PIT), including Securities Transaction Tax (STT), at Rs. 5,13,724 crore. These numbers indicate a robust financial sector and a strong revenue stream for the government.
2. Net Collections Soar with Over 23.51% Growth:
Ne...