India’s FY24 direct tax mop-up exceed revised estimates by Rs13,000 cr

Net direct tax collection in India increased by 17.70 per cent to an estimated Rs19.58 lakh crore in the 2023-24 financial year, compared to Rs16.64 lakh crore in the previous financial year, provisional figures released by the finance ministry show.

In fact, direct tax collections also exceeded the revised revenue target of Rs19.45 lakh crore. The Budget Estimates for direct tax revenue for the 2023- 24 fiscal were originally fixed at Rs18.23 lakh crore. Provisional estimates of net direct tax collections (net of refunds) are 7.4 per cent above the Budget Estimates and 0.67 per cent above the Revised Estimates.

Gross direct tax collection (before refunds) for the 2023-24 fiscal increased by 18.48 per cent to Rs23.37 lakh crore compared to gross collection of Rs19.72 lakh crore in the 2022-23 fiscal.

This includes corporate tax collection of Rs11.32 lakh crore, which has grown by 13.06 per cent compared to the Rs10 lakh crore collection in the previous fiscal. Net corporate tax collection in FY 2023- 24 is estimated at Rs9.11 lakh crore, which shows a growth of 10.26 per cent over the net corporate tax collection of Rs8.26 lakh crore of the preceding fiscal.

Gross collection of personal income tax (including STT) in FY 2023- 24 is estimated at Rs12.01 lakh crore, which is a growth of 24.26 per cent over the previous year’s figure of Rs9.67 lakh crore. Personal income tax collection (net of refunds) in FY 2023-24 is estimated at Rs10.44 lakh crore, a growth of 25.23 per cent over the Rs8.33 lakh crore collected in the previous fiscal.

The revenue department also issued tax refunds of Rs3.79 lakh crore in the 2023-24 fiscal, which is 22.74 per cent higher compared to the refunds of Rs3.09 lakh crore issued in FY 2022-23.