Direct Tax Collections Grow 18 Per Cent To Rs 19.58 Lakh Crore In FY24, Beat Revised Estimates

The Budget Estimates for FY24 fixed direct tax revenue at Rs 18.23 lakh crore, while the amount was set at Rs 19.45 lakh crore as per the Revised Estimates

The direct tax collections for the 2023-24 fiscal year (FY24) increased almost 18 per cent against the funds collected in the previous fiscal year (2022-23), official data from the Ministry of Finance revealed on Sunday. All the figures reported by the ministry were of a provisional nature.

The data showed that net tax collected in FY24 stood at Rs 19.58 lakh crore, against a collection of Rs 16.64 lakh crore in the 2022-23 fiscal year (FY23). The tax collections for FY24 also beat Budget Estimates (BE) and Revised Estimates (RE) given by the Union government. 

The Budget Estimates for FY24 fixed direct tax revenue at Rs 18.23 lakh crore, while the amount was set at Rs 19.45 lakh crore as per the Revised Estimates. Comparatively, the provisional tax collection stood at Rs 19.58 lakh crore, surpassing the BE by 7.40 per cent and the RE by 0.67 per cent.

The Gross collection (provisional) of direct taxes for FY24 touched Rs 23.27 lakh crore, increasing by 18.48 per cent against the collection of Rs 19.72 lakh crore recorded in the preceding FY23. Gross direct taxes refer to the collections before making adjustments for refunds.

Corporate Tax

Amongst the categories, the gross corporate tax collection stood at Rs 11.32 lakh crore in FY24, against Rs 10 lakh crore collected in the preceding fiscal year, marking a growth of 13.06 per cent. At the same time, the net corporate tax collection touched Rs 9.11 lakh crore in FY24, against Rs 8.26 lakh crore collected a year earlier, gaining 10.26 per cent on a year-on-year (YoY) basis.

Personal Income Tax

The gross personal income tax collection, including Securities Transaction Tax, reached Rs 12.01 lakh crore in FY24, gaining 24.26 per cent over the collection of Rs 9.67 lakh crore a year earlier. The net personal income tax funds, inclusive of STT, stood at Rs 10.44 lakh crore in FY24, increasing by 25.23 per cent against Rs 8.33 lakh crore collected in FY23. 

The ministry informed that refunds in the 2023-24 fiscal year touched Rs 3.79 lakh crore, up by 22.74 per cent against Rs 3.09 lakh crore issued in refunds in the previous fiscal year.