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Net Direct Tax Collection Grows 16% to Rs 4.75 Lakh Crore in FY24: Income Tax Department

The net direct tax collection in the current fiscal year has witnessed a significant growth of 16%, reaching Rs 4.75 lakh crore, indicating a surge in economic activity. According to the Income Tax department, this collection represents 26.05% of the total budget estimates of direct taxes for the full 2023-24 fiscal, which is set at Rs 18.23 lakh crore.

Refunds Increase by 2.55% as Net Collection Surpasses Last Year’s Figures

Net direct tax collection, excluding refunds, stands at Rs 4.75 lakh crore, a notable increase of 15.87% compared to the corresponding period last year. The refunds issued during April 1 to July 9, 2023, amounted to Rs 42,000 crore, indicating a growth of 2.55% compared to the same period in the previous year.

Net Direct Tax Collection Grows 16% to Rs 4.75 Lakh Crore in FY24: Income Tax Department_40.1
Net Direct Tax Collection Grows 16% to Rs 4.75 Lakh Crore in FY24: Income Tax Department

Gross Collection from Direct Taxes Witnesses 14.65% Growth

The gross collection from direct taxes, which includes income and corporate taxes, experienced a robust growth of 14.65% to reach Rs 5.17 lakh crore. This growth further supports the positive trajectory of economic recovery.

Budget Targets Surpassed with Strong Collection Performance

The direct tax collection target for the fiscal year 2023-24, as set by the budget, exceeds Rs 18.23 lakh crore. This figure represents a 9.75% increase compared to the previous fiscal year’s collection of Rs 16.61 lakh crore. The current net collection of Rs 4.75 lakh crore already accounts for 26.05% of the total budget estimates.

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Net Direct Tax Collection Grows 16% to Rs 4.75 Lakh Crore in FY24: Income Tax Department_50.1

 

Net Direct Tax Collection Grows 16% to Rs 4.75 Lakh Crore in FY24: Income Tax Department_60.1