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regular-article-logo Tuesday, 28 May 2024

India’s direct tax collection surges by 17.7% to Rs 19.58 lakh, says tax department

Net collections of income and corporate taxes, which make up for most of the direct taxes, in the 2023-24 financial year exceeded the budget estimates by Rs 1.35 lakh crore (7.40 per cent) and the revised estimates by Rs 13,000 crore

PTI New Delhi Published 22.04.24, 06:56 AM
Representational image.

Representational image. File Photo

India’s net direct tax collections surged by 17.7 per cent year-on-year to Rs 19.58 lakh crore in the year ended March 2024, surpassing even revised estimates by a wide margin, the tax department said on Sunday.

Net collections of income and corporate taxes, which make up for most of the direct taxes, in the 2023-24 financial year exceeded the budget estimates by Rs 1.35 lakh crore (7.40 per cent) and the revised estimates by Rs 13,000 crore.

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The government had raised the target for direct tax collection in FY24 (April 2023- March 2024) to Rs 19.45 lakh crore in the interim budget presented on February 1.

With this, the gross direct tax collection target according to the revised estimate stood at Rs 34.37 lakh crore for FY24.

While gross direct tax collections (provisional) for FY24 rose 18.48 per cent to Rs 23.37 lakh crore, net proceeds (after accounting for refunds) surged 17.7 per cent to Rs 19.58 lakh crore.

Refunds aggregating to Rs 3.79 lakh crore have been issued in FY24, CBDT said in a statement.

“The provisional Direct Tax collections (net of the refunds) have exceeded the Budget Estimate by 7.40 per cent and Revised Estimates by 0.67 per cent,” it said.

The gross corporate tax collection (provisional) in FY24 rose 13.06 per cent to Rs 11.32 lakh crore compared to Rs 10 lakh crore in the preceding year. The net corporate tax collection (provisional) in FY24 at Rs 9.11 lakh crore showed a growth of 10.26 per cent over the collection of Rs 8.26 lakh crore in FY23.

The gross personal income tax collection including securities transaction tax (provisional) in FY 24 at Rs 12.01 lakh crore was up by 24.26 per cent over the previous year’s collection of Rs 9.67 lakh crore.

The net personal income tax collection including STT (provisional) in FY 2023-24 at Rs 10.44 lakh crore showed a growth of 25.23 per cent over the preceding year’s Rs 8.33 lakh crore.

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