The provisional figures of Direct Tax collections for the Financial Year (FY) 2023-24 paint a promising picture of India’s fiscal health, with notable growth recorded across various segments. Net collections have surged to Rs. 19.58 lakh crore, reflecting a robust increase of 17.70% compared to the previous fiscal year’s figures.
The Budget Estimates (BE) for Direct Tax revenue in FY 2023-24 were initially set at Rs. 18.23 lakh crore but were later revised to Rs. 19.45 lakh crore. Impressively, the provisional Direct Tax collections have surpassed both the BE and RE, exceeding them by 7.40% and 0.67%, respectively.
Breaking down the numbers, the Gross collection of Direct Taxes (before refunds) for FY 2023-24 stands at Rs. 23.37 lakh crore, indicating a notable growth of 18.48% compared to FY 2022-23.
Looking at specific categories, the Gross Corporate Tax collection for FY 2023-24 is reported at Rs. 11.32 lakh crore, with a growth of 13.06% over the previous year. Meanwhile, the Net Corporate Tax collection stands at Rs. 9.11 lakh crore, marking a growth of 10.26%.
On the personal income tax front, both Gross and Net collections have seen substantial growth. The Gross Personal Income Tax collection (including STT) for FY 2023-24 is at Rs. 12.01 lakh crore, reflecting a growth of 24.26% over the previous year. The Net Personal Income Tax collection (including STT) stands at Rs. 10.44 lakh crore, showing a growth of 25.23%.
In terms of refunds, Rs. 3.79 lakh crore has been issued in FY 2023-24, marking a notable increase of 22.74% compared to the previous fiscal year.
These figures underscore the resilience and efficiency of India’s tax administration system, reflecting positive economic momentum and prudent fiscal management strategies.
