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.
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.
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.
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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