{"id":9437,"date":"2024-04-24T09:02:31","date_gmt":"2024-04-24T06:02:31","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=9437"},"modified":"2024-04-24T09:02:31","modified_gmt":"2024-04-24T06:02:31","slug":"indias-direct-tax-collections-surge-17-7-in-fy24-to-%e2%82%b919-58-tn","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=9437","title":{"rendered":"India\u2019s direct tax collections surge 17.7% in FY24 to \u20b919.58 tn"},"content":{"rendered":"

The Central government has collected \u20b9<\/span>19.58 trillion in direct tax revenue in FY24 after adjusting for refunds, showing a 17.7% growth annually, the Central Board of Direct Taxes (CBDT) said on Sunday. <\/p>\n

For the year ended March, the government had originally estimated net direct tax revenue of \u00a0 \u20b9<\/span>18.23 trillion, but revised it up to \u20b9<\/span>19.45 trillion in the FY25 interim budget presented on 1 February, by scaling up estimate of personal income tax receipts by more than \u20b9<\/span>1.2 trillion. The Centre\u2019s direct tax revenue receipt after refunds has crossed even the revised estimate by \u20b9<\/span>13,000 crore. \t\t\t\t<\/p>\n

Also read |<\/strong> Income tax strategies for real estate investors: Maximising deductions and minimising liabilities One highlight of the mop-up is the growth in personal income tax collection. After adjusting for refunds, personal income tax receipt stood at \u20b9<\/span>10.44 trillion in FY24, showing an annual growth of 25.23%, the CBDT said. Tax collection from corporations expanded over 10% annually in the just-concluded financial year to \u20b9<\/span>9.11 trillion.\u00a0 Provisional figures show direct tax buoyancy of 1.9 indicating faster direct tax collection growth over the rate of economic expansion. As per statistics ministry\u2019s estimates, the economy is likely to have grown by 9.1% in FY24 in nominal terms. Also read |<\/strong> Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime Direct taxes are increasingly accounting for a larger share of the Centre\u2019s overall tax receipts. In FY25, it is expected to be 57.4% compared to 54.4% projected in the FY24 budget. Also read |<\/strong> Income tax benefits on second home loan \u2014 Explained For FY25, the government has assumed only a 13% growth for both corporate and personal income tax collection, in the interim budget. It remains to be seen whether the finance ministry will scale up this target when it presents the full year budget in July, given the 17.7% growth, with personal income tax revenue receipt staging a stellar performance.\u00a0 For FY25, the government has assumed a 10.5% economic growth in nominal terms. The CBDT said that it has issued tax refund of \u20b9<\/span>3.79 trillion in the year ended March, showing an increase of 22.7% over the refund of \u20b9<\/span>3.09 trillion issued in FY23. Gross direct tax collection before adjusting for refunds stood at \u20b9<\/span>23.37 trillion in FY24, registering a growth of 18.48% with corporate tax revenue expanding by over 13% and personal income tax collection including STT expanding by 24.26%. The just-concluded financial year also witnessed strong Goods and Services Tax (GST) collection.\u00a0 The finance ministry had on 1 April said GST revenue receipt of Centre and states in FY24 was \u201cstrong” and \u201cconsistent.” In FY24, Centre and states reported gross GST collection of \u20b9<\/span>20.18 trillion for the first time, showing an 11.7% increase compared to the collections in FY23. <\/p>\n

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\t\tPublished: 21 Apr 2024, 01:25 PM IST<\/p>\n