Net Direct Tax Collection Rises 21 Per Cent To Rs 13.70 Lakh Crore In FY24

The net direct tax collections have touched 75 per cent of the Budget Estimates of direct tax mop-up in the current fiscal

The Union Budget projected an 11.57 per cent rise in direct tax collections for 2023-24.

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Net direct tax collections jumped by 20.66 per cent to over Rs 13.70 lakh crore in the current fiscal so far, the income tax (I-T) department  said on Monday. The net direct tax collection of Rs 13,70,388 crore (as of December 17, 2023 ) includes Corporation Tax (CIT) at Rs 6.95 lakh crore and Personal Income Tax (PIT), including Securities Transaction Tax at Rs 6.73 lakh crore.

The net direct tax collections have touched 75 per cent of the Budget Estimates of direct tax mop-up in the current fiscal. In the current fiscal, Rs 18.23 lakh crore is expected to be collected in direct taxes which includes personal income tax and corporate tax. Refunds of over Rs 2.25 lakh crore have also been issued in the FY23-24 till December 17, 2023. The Union Budget projected an 11.57 per cent rise in direct tax collections for 2023-24.

"The provisional figures of Direct Tax collections for the Financial Year 2023-24 (as of 17.12.2023) show that Net collections are at Rs 13,70,388 crore, compared to Rs. 11,35,754 crore in the corresponding period of the preceding Financial Year (i.e. FY22-23), representing an increase of 20.66 per cent," the Central Board of Direct Taxes (CBDT) said in a statement.

The gross collection of over Rs 15.95 lakh crore includes CIT at Rs 7.90 lakh crore and PIT at about Rs 8.03 lakh crore. Minor head-wise collection comprises advance tax of Rs 6.25 lakh crore; tax deducted at source of Rs 7.71 lakh crore; self-assessment tax of Rs 1.49 lakh crore; regular assessment tax of Rs 36,651 crore; and tax under other heads of Rs 14,455 crore. 

Meanwhile, the finance ministry has also issued refunds amounting to Rs 2.25 lakh crore so far in the current financial year, according to the provisional data.

The Centre also mopped up Rs 1.68 lakh crore in GST collections in November 2023 at a year-on-year growth rate of 15 per cent. This is the highest year-on-year growth rate for GST collection. In November 2022, the Goods and Services Tax (GST) collection was to the tune of Rs 1.45 lakh crore.