Direct tax collections exceed estimates in FY24; Jump from 18 pct to Rs 19.58 Lakh Crore

NEW DELHI, Apr 21: India’s net direct tax collections rose as much as 17.7 per cent year-on-year to Rs 19.58 crore in the fiscal year ended March 2024, surpassing even revised estimates by a wide margin margin, the tax authorities said on Sunday.
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 percent) and revised estimates by Rs 13,000 crore in fiscal 2023-24 .

The government, in the interim budget presented on February 1, had increased the direct tax collection target in FY 24 (April 2023 to March 2024) to Rs 19.45 lakh crore.
With this, the gross tax collection target as per the revised estimate stood at Rs 34.37 lakh crore for FY24.
While gross direct tax collection (provisional) for FY 2023-24 rose 18.48 per cent to Rs 23.37 lakh crore, net revenue (after taking into account refunds) rose 17.7 per cent to Rs 19, 58 lakh crore, due to the revival in the economy and the rise in the economy. income levels of individuals and companies.
Refunds worth Rs 3.79 lakh crore have been issued in the financial year 2023-24, the CBDT said in a statement.
“The provisional direct tax collection figures for the financial year (FY) 2023-24 show that the net collections are Rs 19.58 lakh crore as compared to Rs 16.64 lakh crore in the previous financial year i.e. FY 2022-23,” the report said. Adding the budget for the financial year 2023-2024, the collections for the year were pegged at Rs 18.23 lakh crore, which were later revised to Rs 19.45 lakh crore.
“Provisional direct tax collections (net of refunds) have exceeded the budget estimate by 7.40 percent and the revised estimates by 0.67 percent,” the report said.
The gross collection (provisional) of direct taxes (before adjustment for refunds) for the financial year 2023-24 was Rs 23.37 lakh crore, showing a growth of 18.48 per cent over 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 was up 13.06 per cent to Rs 11.32 lakh crore, compared to 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 of Rs 9.11 lakh crore showed a growth of 10.26 per cent over the previous year’s net corporate tax collection of Rs 8.26 lakh crore.
The collection of gross personal income tax including securities transaction tax (provisional) in the financial year 2023-24 of Rs 12.01 lakh crore was 24.26 per cent higher than the collection of Rs 9.67 lakh crore last year.
The net income tax including STT (provisional) in the financial year 2023-24 of Rs 10.44 lakh crore showed a growth of 25.23 per cent over the figure of Rs 8.33 lakh crore in the previous financial 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 .

Even indirect tax collections for FY24 have exceeded the revised estimates (RE) of Rs 14.84 lakh crore by “a handsome margin”, helped by a record VAT hike, a top government official said.
CBIC Chairman Sanjay Kumar Agarwal recently said in a letter to field officials: “I am pleased to inform that the indirect tax collection for the financial year 2023-2024, including Customs and Union Excise, exceeded the revised estimates by a wide margin has exceeded. .” (agencies)