Direct Tax Collections Surge to Rs. 19.58 Lakh Crore in FY 2023-24

New Delhi: The provisional figures of Direct Tax collections for the Financial Year (FY) 2023-24 have showcased a significant surge, reaching Rs. 19.58 lakh crore, compared to Rs. 16.64 lakh crore in the preceding FY 2022-23, representing a remarkable increase of 17.70%.

The Budget Estimates (BE) for Direct Tax revenue in the Union Budget for FY 2023-24 were initially fixed at Rs. 18.23 lakh crore. However, they were revised upward, with the Revised Estimates (RE) set at Rs. 19.45 lakh crore. The provisional Direct Tax collections, net of refunds, have not only surpassed the BE by 7.40% but also exceeded the RE by 0.67%.

The Gross collection (provisional) of Direct Taxes (before adjusting for refunds) for FY 2023-24 stands impressively at Rs. 23.37 lakh crore, showcasing a robust growth of 18.48% over the gross collection of Rs. 19.72 lakh crore in FY 2022-23.

Breaking down the figures, the Gross Corporate Tax collection (provisional) in FY 2023-24 is reported at Rs. 11.32 lakh crore, marking a notable growth of 13.06% over the previous year’s collection of Rs. 10 lakh crore. Similarly, the Net Corporate Tax collection (provisional) for FY 2023-24 stands at Rs. 9.11 lakh crore, reflecting a commendable growth of 10.26% over the net corporate tax collection of Rs. 8.26 lakh crore in the preceding year.

In the realm of Personal Income Tax, the figures are equally impressive. The Gross Personal Income Tax collection (including STT) (provisional) for FY 2023-24 is recorded at Rs. 12.01 lakh crore, marking a substantial growth of 24.26% over the previous year’s collection of Rs. 9.67 lakh crore. Correspondingly, the Net Personal Income Tax collection (including STT) (provisional) for FY 2023-24 is reported at Rs. 10.44 lakh crore, showcasing a remarkable growth of 25.23% over the net personal income tax collection of Rs. 8.33 lakh crore in the preceding year.

Additionally, refunds of Rs. 3.79 lakh crore have been issued in FY 2023-24, indicating a notable increase of 22.74% over the refunds of Rs. 3.09 lakh crore issued in FY 2022-23.