revised estimates

Gross Direct Tax Collection Hits Rs. 23.37 Lakh Cr

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Gross Direct Tax Collection Hits Rs. 23.37 Lakh Cr

Direct Tax collections for FY 2023-24 are at Rs. 19.58 lakh crore, showing an increase of 17.70% compared to the previous year. Gross collection of Direct Taxes for the same year is at Rs. 23.37 lakh crore, representing a growth of 18.48%. Corporate Tax collection in FY 2023-24 is at Rs. 11.32 lakh crore, with a growth of 13.06%, while Personal Income Tax collection is at Rs. 12.01 lakh crore, showing a growth of 24.26%. Refunds issued in FY 2023-24 amount to Rs. 3.79 lakh crore, an increase of 22.74% over the previous year.

India’s net direct tax kitty surges 17.7% to 19.58 lakh cr in FY24, exceeds revised estimates

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India's net direct tax kitty surges 17.7% to 19.58 lakh cr in FY24, exceeds revised estimates

India’s net direct tax collections grew by 17.7% in fiscal year 2023-24, reaching ₹19.58 lakh crore, surpassing the revised estimates for the year. Gross direct tax collections for the same period amounted to ₹23.37 lakh crore, showing an 18.48% year-on-year growth. The boost in net tax collections during the final fortnight of the fiscal year was driven by personal income tax and securities transaction tax collections, while net corporate tax collections experienced a slight decrease.

Direct Tax Collections Grow 18 Per Cent To Rs 19.58 Lakh Crore In FY24, Beat Revised Estimates

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Direct Tax Collections Grow 18 Per Cent To Rs 19.58 Lakh Crore In FY24, Beat Revised Estimates

Fact: The direct tax collections for the 2023-24 fiscal year increased almost 18 per cent against the funds collected in the previous fiscal year.

Net direct tax collections exceed 2023-24 target

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Net direct tax collections exceed 2023-24 target

India’s net direct tax collections grew 17.7% in 2023-24 to hit ₹19.58 lakh crore, with personal income taxes contributing 53.3% and corporate taxes contributing 46.5%. March saw the second-highest gross GST revenue of ₹1.78 lakh crore, lifting FY24 collections to ₹20.2 lakh crore. The gross direct tax kitty for 2023-24 stood at ₹23.37 lakh crore, exceeding the target by 97%. Refunds for tax made in 2023-24 rose 22.74% to ₹3.79 lakh crore.

India’s direct tax collection surges 18% to Rs 19.58 lakh crore, exceeds targets

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India's direct tax collection surges 18% to Rs 19.58 lakh crore, exceeds targets

India’s net direct tax collections for the fiscal year ended March 2024 surged by 17.7 per cent to Rs 19.58 crore, exceeding both Budget and revised estimates.