Direct tax collection: The Central Board of Direct Taxes on Friday released the data on Direct Tax (DT) collections till July 11, 2024, for FY 2024-25. The net direct tax collections have increased by 24.07% to Rs 5.74 lakh crore. In FY23, the net collections stood at Rs 4.80 lakh crore. This includes corporate taxes of Rs … Read more
Digital Taxation around the World | Tax Foundation Skip to content taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. policies, a significant number of countries adopted unilateral tax measures targeted at digital businesses, … Read more
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.
The government received over ₹19.58 lakh crore through direct taxes in fiscal year 2023-24, exceeding both budget estimates and revised estimates.