The provisional figures of direct tax collections for the financial year 2023-24 show that net collections are at ₹19.58 lakh crore, compared to ₹16.64 lakh crore in the preceding financial year (2022-23), representing an increase of 17.70%, the Union Ministry of Finance said on Sunday.
The budget estimates for direct tax revenue in the Union Budget for FY2023-24 were fixed at ₹18.23 lakh crore which were revised and the Revised Estimates (RE) were fixed at ₹19.45 lakh crore. The provisional direct tax collections (net of the refunds) have exceeded the BE by 7.40% and RE by 0.67%.
The gross collection (provisional) of Direct Taxes (before adjusting for refunds) for the FY2023-24 stands at ₹23.37 lakh crore showing a growth of 18.48% over the gross collection of ₹19.72 lakh crore in FY2022-23, the ministry said in a press release.
The gross corporate tax collection (provisional) in FY2023-24 is at ₹11.32 lakh crore and has shown a growth of 13.06% over the gross corporate tax collection of ₹10 lakh crore of the preceding year. The net corporate tax collection (provisional) in FY2023- 24 is at ₹9.11 lakh crore and has shown a growth of 10.26% over the net corporate tax collection of ₹8.26 lakh crore of the preceding year, it said.
The gross personal income tax collection including STT (provisional) in FY2023-24 is at ₹12.01 lakh crore and has shown a growth of 24.26% over the gross personal income tax collection (including STT) of ₹9.67 lakh crore of the preceding year. The net personal income tax collection including STT (provisional) in FY2023-24 is at ₹10.44 lakh crore and has shown a growth of 25.23% over the net personal income tax collection including STT of ₹8.33 lakh crore of the preceding year, it said.
Refunds of ₹3.79 lakh crore have been issued in the FY2023-24 showing an increase of 22.74% over the refunds of ₹3.09 lakh crore issued in FY 2022-23, it added.
