Direct Tax Collection of India Rocket to ₹14.7 Lakh Crore, Setting a New Record!

 Direct tax collection of India skyrocket to ₹14.7 Lakh Crore by January 10, exceeding targets. Find out how Personal Income Tax (PIT) and Corporate Income Tax (CIT) play a role, and get ready for insights into the upcoming Interim Budget.

In-Depth Article: Direct Tax Collection 

1. Record-Breaking Tax Collections: Hold onto your hats! India’s hit a financial milestone with direct tax collections hitting ₹14.7 Lakh Crore by January 10, showcasing a whopping 19.4% growth compared to the previous fiscal year.

2. What the Numbers Say: Breaking it down, there’s been a 16.77% increase in gross collections, reaching ₹17.18 Lakh Crore. Personal Income Tax (PIT) steals the spotlight with a 26.11% rise, while Corporate Income Tax (CIT) keeps it steady at 8.32%.

3. Cashback and Adjustments: The exciting part? Refunds totaling ₹2.48 Lakh Crore have been issued, making waves in net CIT collections (12.37%) and PIT collections (27.26% PIT only). It’s like a financial dance party!

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4. Surpassing Targets: Hold your breath! Experts predict surpassing the Budget Estimates (BE) for 2023-24, already hitting an impressive 80.61% of the target. Rating agency ICRA adds to the thrill, forecasting a potential ₹1 Lakh Crore excess, projecting an 18% growth from the previous fiscal year.

5. Countdown to the Interim Budget: Mark your calendars! The Interim Budget on February 1 is set to spill the beans on revised estimates. Get ready for a sneak peek into the government’s financial strategy amidst the twists and turns of the economy.

6. India’s Fiscal Success: In a nutshell, India’s doing great! With robust direct tax performances and solid CGST receipts, the country’s on track to tackle financial challenges. Stay tuned for more updates as we ride the wave of India’s tax success!