Net Direct Tax Collection Sees Robust 16.45% Growth to Rs 15.82 Lakh Crore
The net direct tax collections for the fiscal year 2023-24 have surged by 16.45% to Rs 15.82 lakh crore by December 17, driven primarily by a strong 21% rise in advance tax payments. This growth reflects the government’s improved tax collection mechanism and efforts to bridge the fiscal deficit gap. The increase includes various taxes such as corporate tax, personal income tax, and securities transaction tax (STT), along with other levies.
Corporate tax collections increased to Rs 9.24 lakh crore, up from Rs 7.90 lakh crore, while net collections stood at Rs 7.42 lakh crore, compared to Rs 6.83 lakh crore last year. Non-corporate tax collections, which include personal income tax, rose to Rs 9.53 lakh crore, with net collections touching Rs 7.97 lakh crore, a sharp rise from Rs 6.50 lakh crore.
The substantial rise in advance tax collections, reaching Rs 7.56 lakh crore, was a major contributor. Refunds issued during the period totaled Rs 3.39 lakh crore, marking a 42.49% increase from the previous fiscal year.
STT collections witnessed a significant jump to Rs 40,114 crore, compared to Rs 21,628 crore last year, reflecting stronger market activities.
Income tax return filings saw an increase, with over 8.09 crore returns filed for FY24, up from 7.40 crore in FY23. However, only 6.68% of India’s population filed income tax returns, with a notable number of individuals reporting zero taxable income.
The surge in direct tax collection is crucial for meeting the government’s fiscal deficit targets, signaling a positive trend in India’s economic recovery and financial management. The rise in both corporate and personal income tax collections indicates a robust economic performance, despite challenges.
Key Point | Details |
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Why in News | Net direct tax collections grew 16.45% to Rs 15.82 lakh crore till Dec 17, FY24, driven by a 21% rise in advance tax to Rs 7.56 lakh crore. Refunds rose 42.49% to Rs 3.39 lakh crore. Income tax returns filed increased to 8.09 crore in FY24. |
Advance Tax Collection | Rs 7.56 lakh crore, marking a 21% growth. |
Refunds Issued | Rs 3.39 lakh crore, up by 42.49% from the previous fiscal. |
Corporate Tax | Gross: Rs 9.24 lakh crore; Net: Rs 7.42 lakh crore. |
Non-Corporate Tax | Gross: Rs 9.53 lakh crore; Net: Rs 7.97 lakh crore. |
Securities Transaction Tax (STT) | Rs 40,114 crore, up from Rs 21,628 crore last year. |
ITR Filing Stats | FY24: 8.09 crore returns; 6.68% of the population filed returns. |
Zero Taxable Income | 4.90 crore individuals in AY23-24 reported zero taxable income. |
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