Direct Tax Collections Surge in FY 2023-24: Provisional Figures Reveal Strong Growth

The provisional figures of Direct Tax collections for the Financial Year 2023-24 (as of March 17, 2024) paint a promising picture, indicating substantial growth compared to the previous year.

Key Highlights:

1. Net Collections: The net Direct Tax collection stands at Rs. 18,90,259 crore, showcasing a remarkable increase of 19.88% compared to the corresponding period of the previous Financial Year (FY 2022-23), which recorded collections of Rs. 15,76,776 crore.
2. Breakdown of Net Collections: The net Direct Tax collection comprises Corporation Tax (CIT) amounting to Rs. 9,14,469 crore (after deducting refunds) and Personal Income Tax (PIT), which includes Securities Transaction Tax (STT), totaling Rs. 9,72,224 crore (after deducting refunds).
3. Gross Collection: The provisional figures of Gross collection of Direct Taxes (before adjusting for refunds) for FY 2023-24 amount to Rs. 22,27,067 crore, marking a growth of 18.74% over the collections of FY 2022-23, which stood at Rs. 18,75,535 crore.
4. Components of Gross Collection: The Gross collection consists of Corporation Tax (CIT) totaling Rs. 10,98,183 crore and Personal Income Tax (PIT), which includes Securities Transaction Tax (STT), amounting to Rs. 11,25,228 crore. Additionally, it encompasses Advance Tax, Tax Deducted at Source, Self-Assessment Tax, Regular Assessment Tax, and Tax under various minor categories.
5. Advance Tax Collections: Total Advance Tax collections for FY 2023-24 have surged to Rs. 9,11,534 crore, reflecting a growth of 22.31% compared to the corresponding period of the preceding Financial Year.
6. Refunds: Refunds amounting to Rs. 3,36,808 crore have been issued in FY 2023-24, marking an increase of 12.74% over the refunds issued during the same period in the preceding year.

Overall, the provisional figures underscore a robust performance in Direct Tax collections for FY 2023-24, indicating positive economic momentum and fiscal health.