Australia, like much of the world, finds itself navigating turbulent economic waters. In a bid to ease the financial strain on citizens, Prime Minister Anthony Albanese has announced a bold move to reshape tax cuts, a decision that has sparked both support and controversy.
The provisional figures of Direct Tax collections continue to register steady growth.
Direct Tax collections up to 10 February show that gross collections are at Rs 18.38 lakh crore which is 17.30 per cent 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 20.25 per cent higher than the net collections for the corresponding period of last year. This collection is 80.23 per cent of the total Revised Estimates of Direct Taxes for F.Y. 2023-24.
The gross revenue collections for Corporate Income Tax (CIT) and Personal Income Tax (PIT) also show a steady growth.The growth rate for CIT is 9.16 per cent while that for PIT is 25.67 per cent (PIT only)/ 25.93 per cent (PIT including STT). After adjustment of refunds, the net growth in CIT collections is 13.57 per cent and that in PIT collections is 26.91 per cent (PIT only)/ 27.17 per cent (PIT including STT).
Refunds amounting to Rs 2.77 lakh crore have been issued during 1 April, 2023 to 10 February, 2024, an official release said.