Net direct tax collections (provisional) for FY 2023-24 exceed budget estimates by Rs 1.35 lakh cr

Net direct tax collections (provisional) for the financial year 2023-24 have exceeded Union Budget (BE) estimates by Rs 1.35 lakh crore (7.40 per cent), the Finance Ministry said on Sunday.

The provisional direct tax collections figures for the financial year 2023-24 show that the net collections are Rs 19.58 lakh crore, compared to Rs 16.64 lakh crore in the previous financial year, i.e., financial year 2022-23, which means an increase of 17.70 percent. .

“The Budget Estimates (BE) for direct tax revenue in the Union Budget for FY 2023-24 was set at Rs 18.23 lakh crore, which was revised and the Revised Estimates (RE) were set at Rs 19.45 lakh crore. Preliminary direct tax collections (net of refunds) have exceeded BE by 7.40 percent and RE by 0.67 percent,” the ministry said in a statement.

The gross collection (provisional) of direct taxes (before adjustment for refunds) for the financial year 2023-24 stands at Rs 23.37 lakh crore, showing a growth of 18.48 percent over the gross collection of Rs 19.72 lakh crore in financial year 2022-23.

The gross corporate tax collection (provisional) in the financial year 2023-24 stands at Rs 11.32 lakh crore and has shown a growth of 13.06 percent over the previous year’s gross corporate tax collection of Rs 10 lakh crore .

The net corporate tax collection (provisional) in the financial year 2023-24 stands at Rs 9.11 lakh crore and has shown a growth of 10.26 percent over the net corporate tax collection of Rs 8.26 lakh crore of the previous year.

The gross personal tax (including STT) collection (provisional) in FY 2023-24 is Rs 12.01 lakh crore and has shown a growth of 24.26 percent over the gross personal tax (including STT) of Rs 9.67 lakh crore from the previous year.

The collection of net personal tax (including STT) (provisional) in the financial year 2023-24 is Rs 10.44 lakh crore and has shown a growth of 25.23 percent over the net personal tax (including STT) of Rs 8.33 lakh crore from the previous year.

Refunds of Rs 3.79 lakh crore have been issued in the financial year 2023-24, showing an increase of 22.74 per cent over the refunds of Rs 3.09 lakh crore issued in the financial year 2022-23, the statement said .