Net direct tax collections for FY 2023-24 exceed estimates by Rs. 1.35 lakh crore

The provisional figures for Direct Tax collections in the Financial Year (FY) 2023-24 reveal that net collections have reached Rs. 19.58 lakh crore, marking a significant increase from the Rs. 16.64 lakh crore collected in FY 2022-23, which represents a growth of 17.70%.

The Budget Estimates (BE) for Direct Tax revenue in the Union Budget for FY 2023-24 were initially set at Rs. 18.23 lakh crore and later revised to Rs. 19.45 lakh crore. The provisional net Direct Tax collections have surpassed the BE by 7.40% and the Revised Estimates (RE) by 0.67%.

Gross Direct Tax collections (provisional) for FY 2023-24 stand at Rs. 23.37 lakh crore, reflecting an 18.48% growth compared to Rs. 19.72 lakh crore in FY 2022-23.

The Gross Corporate Tax collection (provisional) for FY 2023-24 is Rs. 11.32 lakh crore, a 13.06% increase over the previous year’s Rs. 10 lakh crore. Net Corporate Tax collection (provisional) for FY 2023-24 stands at Rs. 9.11 lakh crore, showing a 10.26% growth from the Rs. 8.26 lakh crore collected in the previous year.

Gross Personal Income Tax collection (including Securities Transaction Tax) (provisional) for FY 2023-24 is Rs. 12.01 lakh crore, demonstrating a 24.26% increase from Rs. 9.67 lakh crore in the previous year. Net Personal Income Tax collection (including STT) (provisional) for FY 2023-24 is Rs. 10.44 lakh crore, a 25.23% rise from the Rs. 8.33 lakh crore collected in the previous year.

Refunds amounting to Rs. 3.79 lakh crore have been issued in FY 2023-24, reflecting a 22.74% increase from the Rs. 3.09 lakh crore issued in FY 2022-23.

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