Direct Tax Collections Meet Revised Target For FY23 At Rs 16.61 Lakh Crore

The direct tax mop-up for FY23 met the government's revised targets, while surpassing the conservative budgetary estimates.

Net direct tax collections for FY23 stand at Rs 16.61 lakh crore, according to provisional tax figures released by the Finance Ministry on Monday. It surpassed the government's revised targets by 0.69% and budgetary estimates by 16.97%.

The collections exceed last fiscal's figures by about Rs 2.48 lakh crore, a marking a growth of 17.63%.

The budget for FY23 had estimated for direct tax revenue at Rs 14.20 lakh crore, which was later revised to Rs 16.50 lakh crore. Several economists had termed the budgetary target "conservative" anticipating a higher tax revenue figure.

The direct tax target for FY24 has been set at Rs 18.22 lakh crore, with corporate tax expected to bring in Rs 9.22 lakh crore and personal income tax expected to bring in Rs 9 lakh crore.

The provisional figures for FY23 are as follows:

• Gross direct tax: Rs 19.68 lakh crore (20.33% YoY growth).

• Net direct tax: Rs 16.61 lakh crore (17.63% YoY growth).

• Gross corporate tax: Rs 10.04 lakh crore (16.91% YoY growth).

• Gross personal income tax: Rs 9.6 lakh crore, including Securities Transaction Tax ( 24.23% YoY growth).

• Refunds: Rs 3,07,352 crore.

The highest growth was in personal income tax (including STT), where the collections stood at Rs 9,60,764 crore as compared to Rs 7,73,389 crore in the preceding year, rising 24%.

On the gross corporate tax front, the fiscal collection tallied to Rs 10,04,118 crore over Rs 8,58,849 crore of the preceding year, an increase of 17%.