TFP Bureau, New Delhi, April 21, 2024: The provisional figures of Direct Tax collections for the Financial Year (FY) 2023-24 reveal a significant uptick, with net collections reaching Rs. 19.58 lakh crore, marking a substantial increase from Rs. 16.64 lakh crore in FY 2022-23, representing a robust growth of 17.70%.
The Union Budget Estimates (BE) for Direct Tax revenue in FY 2023-24 were set at Rs. 18.23 lakh crore, later revised to Rs. 19.45 lakh crore. The provisional Direct Tax collections, net of refunds, have surpassed the BE by 7.40% and RE by 0.67%.
The Gross collection (provisional) of Direct Taxes before refunds for FY 2023-24 stands impressively at Rs. 23.37 lakh crore, showcasing a formidable growth of 18.48% over the gross collection of Rs. 19.72 lakh crore in FY 2022-23.
Within the Direct Tax domain, the Gross Corporate Tax collection for FY 2023-24 is recorded at Rs. 11.32 lakh crore, marking a growth of 13.06% over the preceding year’s collection. Meanwhile, the Net Corporate Tax collection for the same period stands at Rs. 9.11 lakh crore, reflecting a growth of 10.26% over the previous year.
Furthermore, the Gross Personal Income Tax collection, including Securities Transaction Tax (STT), has surged to Rs. 12.01 lakh crore in FY 2023-24, representing a remarkable growth of 24.26% over the previous year. Similarly, the Net Personal Income Tax collection, including STT, has risen to Rs. 10.44 lakh crore, indicating a notable growth of 25.23% over the preceding year.
In line with the upward trajectory, refunds totaling Rs. 3.79 lakh crore have been issued in FY 2023-24, demonstrating a substantial increase of 22.74% over the refunds issued in FY 2022-23.
