Direct Tax Collections for FY 2023-24 Surge to Rs 23.37 Lakh Crore, Marking an 18.48% Growth

Net Direct Tax collections for the FY 2023-24 stand at Rs. 19.58 lakh crore marking a growth of 17.70%.

In the fiscal year 2023-24, India witnessed a substantial boost in its direct tax collections, reaching a notable Rs. 23.37 lakh crore, showcasing an impressive growth rate of 18.48%. These figures, released as provisional by the authorities, highlight a robust performance in revenue generation.

The net direct tax collections for the fiscal year amounted to Rs. 19.58 lakh crore, reflecting a growth of 17.70% over the previous year. Notably, this surpassed the Budget Estimates (BE) by 7.40% and Revised Estimates (RE) by 0.67%.

The gross collection of direct taxes stood at Rs. 23.37 lakh crore, indicating a significant 18.48% increase from the previous fiscal year. Within this, the gross corporate tax collection reached Rs. 11.32 lakh crore, marking a growth of 13.06%, while the gross personal income tax collection surged to Rs. 12.01 lakh crore, exhibiting an impressive growth rate of 24.26%.

Furthermore, the net corporate tax collection for FY 2023-24 amounted to Rs. 9.11 lakh crore, showcasing a growth of 10.26% over the previous year, whereas the net personal income tax collection reached Rs. 10.44 lakh crore, reflecting a substantial growth rate of 25.23%.In terms of refunds, a total of Rs. 3.79 lakh crore was issued during FY 2023-24, witnessing a noteworthy increase of 22.74% compared to the previous fiscal year.

These figures underscore a positive trend in direct tax collections, indicating a healthy economic performance and robust revenue generation for the country in the fiscal year 2023-24.

Here’s a breakdown of the key highlights:

Also Read: Income Tax Department to Issue Notices to Non-Filers of ITR

src@

Read More

Madras High Court Ruling: Registered Persons can not be Absolved of the Responsibility to Monitor GST Portal

Embracing Artificial Intelligence (AI) for Efficient Tax Compliance