India’s Gross Direct Tax collections for the Financial Year (FY) 2023-24 have recorded a substantial growth of 18.74%, according to provisional figures released by the government.
The provisional data as of March 17, 2024, reveals that the Net Direct Tax collections for FY 2023-24 amount to Rs. 18,90,259 crore, compared to Rs. 15,76,776 crore in the same period of the preceding financial year (FY 2022-23), indicating a significant increase of 19.88%.
Breaking down the Net Direct Tax collection, it comprises Corporation Tax (CIT) at Rs. 9,14,469 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs. 9,72,224 crore (net of refund).
The provisional figures of Gross collection of Direct Taxes (before adjusting for refunds) for FY 2023-24 stand at an impressive Rs. 22,27,067 crore compared to Rs. 18,75,535 crore in the corresponding period of the preceding financial year, showing a robust growth of 18.74% over FY 2022-23.
Further breaking down the Gross collection, it includes Corporation Tax (CIT) at Rs. 10,98,183 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs. 11,25,228 crore. The detailed figures show minor head wise collection, including Advance Tax of Rs. 9,11,534 crore; Tax Deducted at Source of Rs. 10,44,511 crore; Self-Assessment Tax of Rs. 1,73,296 crore; Regular Assessment Tax of Rs. 73,548 crore; and Tax under other minor heads of Rs. 24,177 crore.
The provisional figures of total Advance Tax collections for FY 2023-24 (as of March 17, 2024) stand at an impressive Rs. 9,11,534 crore, showcasing a growth of 22.31% compared to the corresponding period of the immediately preceding FY 2022-23, which saw Advance Tax collections of Rs. 7,45,246 crore. The Advance Tax collection of Rs. 9,11,534 crore comprises Corporation Tax (CIT) at Rs. 6,72,899 crore and Personal Income Tax (PIT) at Rs. 2,38,628 crore.
Additionally, refunds totaling Rs. 3,36,808 crore have been issued in FY 2023-24 up to March 17, 2024, compared to refunds of Rs. 2,98,758 crore issued in FY 2022-23, marking a notable increase of 12.74% over the refunds issued during the same period in the preceding year.
The significant growth in Direct Tax collections reflects a positive trend in the country’s economic landscape, indicating improved tax compliance and economic activity. This surge in collections is expected to bolster the government’s efforts towards economic stability and development initiatives.
This data was released by the government on Tuesday, showcasing India’s continued progress in tax collections and economic resilience amidst dynamic global conditions.
