India's net direct tax kitty at Rs 19.58 lakh cr, exceeds revised estimates by Rs 13k cr
direct tax collections surged by 17.7 per cent year-on-year to Rs 19.58 crore in the fiscal year ended March 2024 and exceeded the revised estimates by Rs 13,000 crore, according to the tax department. While gross direct tax collections (provisional) for the FY 2023-24 rose 18.48 per cent to Rs 23.37 lakh crore, net proceeds (after accounting for refunds) surged 17.7 per cent 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 CBDT 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 per cent and Revised Estimates by 0.67 per cent,» it said.
The gross collection (provisional) of Direct Taxes (before adjusting for refunds) for the FY 2023-24 stood at Rs 23.37 lakh crore, showing a growth of 18.48 per cent over the gross collection of Rs 19.72 lakh crore in FY 2022-23.
The gross corporate tax collection (provisional) in FY 2023-24 was up 13.06 per cent to Rs 11.32 lakh crore as compared to the gross corporate tax collection of Rs
