New Delhi: India’s net direct tax collections surged by 17.7 per cent year-on-year to Rs 19.58 lakh crore in the fiscal year ended March 2024. Net collections of income and corporate taxes, which make up for most of the direct taxes, in 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.
While gross direct tax collections (provisional) for the FY 2023-24 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 FY 2023-24.
‘The provisional figures of Direct Tax collections for the financial year (FY) 2023-24 show that net collections are at Rs 19.58 lakh crore, compared to Rs 16.64 lakh crore in the preceding financial year i.e. FY 2022-23. 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,’ the Central Board of Direct Taxes (CBDT) said.
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The gross collection (provisional) of Direct Taxes (before adjusting for refunds) for the FY 2023-24 stood at Rs 23.37 lakh crore, showing a growth of 18.48 per cent over the gross collection of Rs 19.72 lakh crore in FY 2022-23. The gross corporate tax collection (provisional) in FY 2023-24 was up 13.06 per cent to Rs 11.32 lakh crore as compared to the gross corporate tax collection of Rs 10 lakh crore of the preceding year.
The Net Corporate Tax collection (provisional) in FY 2023-24 at Rs 9.11 lakh crore showed a growth of 10.26 per cent over the net corporate tax collection of Rs 8.26 lakh crore of the preceding year.
The Gross Personal Income Tax collection including Securities Transaction Tax (provisional) in FY 2023-24 at Rs 12.01 lakh crore was up 24.26 per cent over 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 preceding fiscal year’s figure of Rs 8.33 lakh crore.
Refunds of Rs 3.79 lakh crore have been issued in the FY 2023-24 showing an increase of 22.74 per cent over the refunds of Rs 3.09 lakh crore issued in FY 2022-23.
Direct taxes are collected from individuals and companies by the supreme tax body in the country. Direct taxes are directly paid by the tax payers. Direct taxes include personal income tax (PIT) and corporate income tax (CIT), besides taxes such as securities transaction tax (STT). Indirect tax is not paid directly by a person to the government. The net direct tax collection means the gross tax collection minus the refund.
? Net Direct Tax collections (provisional) for Financial Year (FY) 2023-24 exceed Union Budget Estimates by Rs. 1.35 lakh crore i.e. by 7.40%
? Net Direct Tax collections (provisional) for the FY 2023-24 exceed Revised Estimates by Rs. 13,000 crore
? Gross Direct Tax… pic.twitter.com/A0JY0mbWFN
— Ministry of Finance (@FinMinIndia) April 21, 2024
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