Economy News

India’s Direct Tax Collections – FY 2023/24

October 25 , 2024 716 days 1030 0

The Financial Year (FY) 2023-24 has seen a significant increase in the Direct Tax collections, with provisional figures showing net collections at ₹19.58 lakh crore.
This represents a 17.70% increase from the ₹16.64 lakh crore collected in FY 2022-23.
The Union Budget had initially estimated Direct Tax revenue for FY 2023-24 at ₹18.23 lakh crore.
However, this was later revised to ₹19.45 lakh crore.
The provisional Direct Tax collections have exceeded these Revised Estimates by 0.67%, and the original Budget Estimates by 7.40%.
Before adjusting for refunds, the Gross collection of Direct Taxes for FY 2023-24 stands at ₹23.37 lakh crore.
It is marking an 18.48% growth from the ₹19.72 lakh crore collected in FY 2022-23.
The Gross Personal Income Tax collection (including STT) for FY 2023-24 is ₹12.01 lakh crore.
This is a 24.26% increase from the previous year’s ₹9.67 lakh crore.