Direct tax collections exceed estimates in FY24; jump 18% to Rs 19.58 lakh crore

NEW DELHI: Net direct tax collection witnessed a significant increase of 17.7% year-on-year and reached Rs 19.58 crore in the fiscal year ended March 2024, the tax department said on Sunday. This figure exceeded revised estimates by a significant margin. Net collections of income and corporate taxes, which constitute the bulk of direct taxes, exceeded budget estimates by Rs 1.35 lakh crore (7.40%) and revised estimates by Rs 13,000 crore for the financial year 2023-2024.

The CBDT said in a statement: “The provisional direct tax collection figures 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 previous fiscal year, i.e. FY 2022. -23.” The budget for the fiscal year 2023-2024 had initially estimated the collections at Rs 18.23 lakh crore, which were later revised to Rs 19.45 lakh crore. “Preliminary direct tax collections (net of refunds) have exceeded the budget estimate by 7.40% and the revised estimates by 0.67%,” the statement added.

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Refunds amounting to Rs 3.79 lakh crore have been issued in FY 2023-24, indicating an increase of 22.74% compared to the refunds of Rs 3.09 lakh crore issued in FY 2022-23, according to the statement.

The gross collection (provisional) of direct taxes (before adjustment for refunds) for the financial year 2023-24 was Rs 23.37 lakh crore, registering a growth of 18.48% compared to the gross collection of Rs 19.72 lakh crore in the financial year 2022-23. The gross corporate tax collection (provisional) in the financial year 2023-24 increased by 13.06% to Rs 11.32 lakh crore, compared to the gross corporate tax collection of Rs 10 lakh crore in the previous year. The net corporate tax collection (provisional) in the financial year 2023-24 was Rs 9.11 lakh crore, showing a growth of 10.26% over the net corporate tax collection of Rs 8.26 lakh crore in the previous year .

Gross personal income tax collection, including tax on securities transactions (provisional), stood at Rs 12.01 lakh crore in FY 2023-24, marking an increase of 24.26% over the previous collection of Rs 9.67 lakh crore year. Net income tax, including STT (provisional), reached Rs 10.44 lakh crore in the financial year 2023-24, showing a growth of 25.23% over the figure of Rs 8.33 lakh crore in the previous financial year .

(With input from agencies)