India's net direct tax collections surged by a massive 17.7% year-on-year to Rs 19.58 crore in the fiscal year ended March 2024, surpassing even revised estimates by a wide margin, the tax department said on Sunday. Net collections of income and corporate taxes, which make up for most of the direct taxes, in 2023-24 financial year exceeded the Budget estimates by Rs 1.35 lakh crore (7.40%) and the revised estimates by Rs 13,000 crore.
While gross direct tax collections (provisional) for the FY24 rose 18.48% to Rs 23.37 lakh crore, net proceeds (after accounting for refunds) surged 17.7% to Rs 19.58 lakh crore, reflecting buoyancy in the economy and rise in income levels of individuals and corporates.
Refunds aggregating to Rs 3.79 lakh crore have been issued in FY 2023-24, the Central Board of Direct Taxes said in a statement.
'The provisional figures of Direct Tax collections for the financial year (FY) 2023-24 show that net collections are at Rs 19.58 lakh crore, compared to Rs 16.64 lakh crore in the preceding financial year i.e. FY 2022-23,' it said, adding the Budget for 2023-24 fiscal had pegged the collections for the year at Rs 18.23 lakh crore, which were revised to Rs 19.45 lakh crore later.
"The provisional Direct Tax collections (net of the refunds) have exceeded the Budget Estimate by 7.40% and Revised Estimates by 0.67%," it said.
Gross collection (provisional) of Direct Taxes (before adjusting for refunds) for the FY24 stood at Rs 23.37 lakh crore, growing 18.48% over a year ago.
The gross corporate tax collection (provisional) was up 13.06% year-on-year to Rs 11.32 lakh crore.
Net corporate tax collection (provisional) rose 10.26% over the preceding year to Rs 9.11 lakh crore.
Gross Personal Income Tax collection, including Securities Transaction Tax (provisional) in FY 2023-24 at Rs 12.01 lakh crore was up 24.26% over the previous year.
Net Personal Income Tax collection, including STT (provisional), grew 25.23% year-on-year to Rs 10.44 lakh crore.
Refunds of Rs 3.79 lakh crore have been issued in the FY 2023-24--a 22.74% rise over a year ago, the statement said.
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