India Net Direct Tax Collection of India increased by 17.7 percent on an annual basis to Rs 19.58 lakh crore in the financial year ending March 2024. The tax department said on Sunday that this amount is much higher than the revised estimates. Income tax and corporate tax collections during 2023-24 were Rs 1.35 lakh crore (7.40%) above Budget Estimates and Rs 13,000 crore above Revised Estimates. They have the largest share in direct tax collection. Gross direct tax collections (provisional) increased by 18.48 percent to Rs 23.37 lakh crore in FY 2023-24. Net income after refund increased by 17.7 percent to Rs 19.58 lakh crore.
These figures show the increase in income
Direct tax collection figures reflect the boom in the economy and increase in income of individuals and corporates. CBDT said in a statement that a total of Rs 3.79 lakh crore refunds were issued in the financial year 2023-24. Provisional figures of direct tax collections for FY 2023-24 show that the net collection is Rs 19.58 lakh crore. In the previous financial year, this amount was Rs 16.64 lakh crore. In the budget for the financial year 2023-24, the collection for this year was fixed at Rs 18.23 lakh crore, which was later revised to Rs 19.45 lakh crore.
exceed budget estimate
The statement said provisional direct tax collections (except refunds) are 7.40 per cent higher than the budget estimate and 0.67 per cent higher than the revised estimate. During this period, the gross collection of direct taxes (provisional) before adjustment of refunds stood at Rs 23.37 lakh crore. This amount is 18.48 percent more than the gross collection of Rs 19.72 lakh crore for the financial year 2022-23. Gross corporate tax collections (provisional) in FY 2023-24 increased by 13.06 per cent to Rs 11.32 lakh crore as compared to Rs 10 lakh crore last year.
Corporate tax collection increased
Net corporate tax collection (provisional) in FY 2023-24 stood at Rs 9.11 lakh crore, which is 10.26 percent more than Rs 8.26 lakh crore last year. Gross personal income tax collection including Securities Transaction Tax (Provisional) during the period under review stood at Rs 12.01 lakh crore, which is 24.26 per cent higher than last year’s collection of Rs 9.67 lakh crore. During this period, net personal income tax collection including STT (Provisional) stood at Rs 10.44 lakh crore, which is 25.23 percent more than Rs 8.33 lakh crore of the previous financial year. The statement said that refunds worth Rs 3.79 lakh crore were issued in the financial year 2023-24, which is 22.74 percent more than the refunds of Rs 3.09 lakh crore issued in the financial year 2022-23.
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