FY 2023-24 Sees Notable Direct Tax Collection Surge

In FY 2023-24, Gross Direct Tax collections soared to Rs. 22,27,067 crore, marking an 18.74% increase from the previous year. Net collections rose by over 19.88%, with Advance Tax contributions hitting Rs. 9,11,534 crore, up 22.31%, showcasing robust economic growth.

Gross Direct Tax Collections

• Total Gross Collections: Reached Rs. 22,27,067 crore, marking an 18.74% increase over the previous year’s Rs. 18,75,535 crore.
• Composition: Comprises Rs. 10,98,183 crore in Corporation Tax (CIT) and Rs. 11,25,228 crore in Personal Income Tax (PIT), including Securities Transaction Tax (STT).

Net Direct Tax Collections

• Total Net Collections: Stood at Rs. 18,90,259 crore, up by 19.88% from the preceding year’s Rs. 15,76,776 crore.
• Details: Includes Rs. 9,14,469 crore from CIT and Rs. 9,72,224 crore from PIT, after accounting for refunds.

Advance Tax Collections

• Overall Growth: Advance tax collections surged to Rs. 9,11,534 crore, a 22.31% growth.
• Breakdown: Corporation Tax contributed Rs. 6,72,899 crore, and Personal Income Tax added Rs. 2,38,628 crore.

Tax Refunds

• Amount Issued: Refunds for the FY 2023-24 amounted to Rs. 3,36,808 crore, up by 12.74% over the previous year’s Rs. 2,98,758 crore.