Direct tax collections exceed revised estimates by ₹13,000 cr
The government received over ₹19.58 lakh crore through direct taxes in fiscal year 2023-24, exceeding both budget estimates and revised estimates.
direct tax collection
Direct tax collection increases by 17.7% to Rs 19.58 crore in FY24
India’s net direct tax collections increased by 17.7% year over year to Rs 19.58 crore in the fiscal year that ended in March 2024, surpassing revised projections and budget estimates.
Centre met revised tax collection targets for fiscal 2024: Government Official
The Centre has met its tax collection target of over Rs 34.37 lakh crore for 2023-24, with net direct tax collections reaching over Rs 18.90 lakh crore as of March 17. Gross GST collection in March 2024 was the second-highest ever at Rs 1.78 lakh crore, with a year-on-year growth of 11.5 percent. Total gross collection for FY24 stood at Rs 20.18 lakh crore, surpassing the revised budget estimate.
Editorial. Interesting shift in tax contribution
Direct tax revenue is growing at a healthy rate, with net direct tax collection at ₹18.9-lakh crore, a 20% increase compared to the previous year. Personal income tax is driving this growth, with a 23% increase, while corporate tax collections have only grown by 12%. The tax base is not increasing at the same rate as tax collections, with the number of individuals filing tax returns growing at a slower pace. Since FY21, revenue from personal income tax has been higher than that from corporate tax.