The Income Tax Department’s net direct tax collections for the fiscal year ending in March 2024 exceeded estimates, reaching Rs 19.58 lakh crore, a 17.7% increase year-on-year.
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 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.
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.
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.
India’s net direct tax collections surged by 17.7% year-on-year to Rs 19.58 crore in the fiscal year ended March 2024, exceeding both Budget and revised estimates. Gross direct tax collections rose by 18.48% to Rs 23.37 lakh crore, with net proceeds reaching Rs 19.58 lakh crore after accounting for refunds. Refunds totaling Rs 3.79 lakh crore were issued in FY 2023-24, showing an increase of 22.74% over the previous year.
Government’s net direct tax collections for the financial year 2023-24 grew by 17.7% year-on-year to Rs 19.58 lakh crore, exceeding the revised estimate by 0.67%. Refunds for the year stood at Rs 3.79 lakh crore, an increase of 22.74% over the previous year.
The government received over ₹19.58 lakh crore through direct taxes in fiscal year 2023-24, exceeding both budget estimates and revised estimates.
India’s net direct tax mop-up surged by 17.7% year-on-year to Rs 19.58 crore in the fiscal year ended March 2024.
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.