India's direct tax kitty till Feb 10 at Rs 18 lakh crore, hits 80% of revised target

India's direct tax collections till February 10 reached Rs. 18.38 lakh crore, which is 17% higher than the gross collections for the corresponding period of last year. 

Direct Tax collection, net of refunds, stands at Rs. 15.60 lakh crore which is 20% higher than the net collections for the corresponding period of last year. 

This collection is 80.23% of the total Revised Estimates of Direct Taxes for FY24.

The gross revenue collections for Corporate Income Tax (CIT) and Personal Income Tax (PIT) also showed a steady growth. 

The growth rate for CIT is 9.16% while that for PIT is 25.67% (PIT only)/ 25.93% (PIT including STT). After adjustment of refunds, the net growth in CIT collections is 13.57% and that in PIT collections is 26.91% (PIT only)/ 27.17% (PIT including STT).

Refunds amounting to Rs 2.77 lakh crore have been issued during 1st April, 2023 to 10th February, 2024.