India’s direct tax collections surge 17.7% in FY 2023-24, exceeding budget estimates

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₹19.58 lakh crore. This was also more than the revised and original budget estimates, as per the latest disclosure made by the tax department, as per news agency PTI report. This is because the FY23-24 net collections of income and corporate taxes, constituting the bulk under the head "direct taxes," exceeded the initial budget estimate by ₹1.35 lakh crore (7.40 per cent) and 13,000 crore from the revised estimate.

Also read | Income tax strategies for real estate investors: Maximising deductions and minimising liabilities The Central Board of Direct Taxes (CBDT) reported provisional gross direct tax collections at ₹23.37 lakh crore, an increase of 18.48 per cent. After the discount, the net proceeds read ₹19.58 lakh reflecting good economic upturn and rising incomes of both individuals and corporates.

Also read | Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime The gross corporate tax collections for the FY 2023-24 grew by 13.06 per cent to ₹11.32 lakh crore, and net corporate tax collections grew by 10.26 per cent to ₹9.11 lakh crore. Also read | Income tax benefits on second home loan — Explained Personal Income Tax, including Securities Transaction Tax, also posted a significant increase, with gross collections rising by 24.26 per cent to ₹12.01 lakh crore and net collections growing by 25.23 per cent to ₹10.44 lakh crore.

The refunds for the year stood at ₹3.79 lakh crore, showing a 22.74 per cent rise over ₹3.09 lakh crore in the last fiscal. The numbers clearly signal the improved efficacy and reach of the Indian tax system, combined with the rising compliance from taxpayers.