Direct tax collection, net of refunds, stands at Rs 14.70 lakh crore which is 19.41% higher than the net collections for the corresponding period of last year, the Ministry of Finance said on Thursday.

Up to January 10, 2024, the Direct Tax collections continue to register steady growth showing gross collections are at Rs 17.18 lakh crore which is 16.77% higher than the gross collections for the corresponding period of last year.

This collection is 80.61% of the total Budget Estimates of Direct Taxes for FY 2023-24, the ministry data showed.

“So far as the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections is concerned, the growth rate for CIT is 8.32% while that for PIT is 26.11% (PIT only)/ 26.11% (PIT including STT),” it said.

After adjustment of refunds, the net growth in CIT collections is 12.37% and that in PIT collections is 27.26% (PIT only)/ 27.22% (PIT including STT).

Notably, the government has budgeted to collect Rs 18.23 lakh crore from direct taxes – personal income tax and corporate tax – which is a percent higher than Rs 16.61 lakh crore mopped up last fiscal.

The data further said the refunds amounting to Rs. 2.48 lakh crore have been issued during 1st April, 2023 to 10th January, 2024.

On Wednesday, while speaking at the 10th edition of Vibrant Gujarat Global Summit, Finance Minister Nirmala Sitharaman had said India will become the third largest economy by 2027-28, with a GDP of over USD 5 trillion, and even going by conservative estimates, the size of the Indian economy will be USD 30 trillion by 2047.

The minister had highlighted that India has received USD 919 billion in foreign direct investment in 23 years till 2023. Of this, 65% (USD 595 billion), came in the last 8-9 years of the Narendra Modi government.

Notably, Prime Minister Narendra Modi also said that the goal is to make India a developed country in ‘next 25 years’.

“We have set a target to make India developed by the time India celebrates 100 years of its independence. And hence this 25 year tenure is India’s immortality. This is a period of new dreams, new resolutions and ever-new achievements,” the PM had said.

Currently, India is at a GDP worth USD 3.4 trillion, and is the fifth-largest economy in the world.

The recent estimates by the government has said the economy is projected to grow by 7.3% in the current fiscal.