Direct tax collections jump 17.7% to ₹19.58 L cr in FY24 | Latest News India

Direct tax collections jump 17.7% to ₹19.58 L cr in FY24 | Latest News India
Direct tax collections jump 17.7% to ₹19.58 L cr in FY24 | Latest News India

Gross direct tax revenues rose by an annualized 18.48% to 23.37 lakh crore in the year ended March, with about 17.70% increase in net revenue to 19.58 lakh crore, mainly due to robust collections from individual taxpayers, the finance ministry reported on Sunday.

Direct tax collections jump 17.7% to 19.58 L cr in FY24
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Provisional numbers for net direct tax revenue after paying refunds exceeded both the budget and revised estimates of 2023-24 on higher compliance by individual taxpayers, official data showed. While refunds saw 22.74% year-on-year jump amounting to 3.79 lakh crore, net collection after refunds was 1.35 lakh crore more than what was estimated in the budget and 13,000 crore more than the revised estimates.

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“The provisional direct tax collections (net of the refunds) have exceeded the BE by 7.40% and RE by 0.67%,” the ministry said in a statement. The revised estimate was raised mainly on estimates of higher personal income tax (PIT) collections and no change in corporate income tax (CIT).

The budget estimate is the initial revenue projection made by the government for a particular financial year, revenue numbers are often revised based on the collection trend at the time of presenting the budget for the next financial year. The budget presented on February 1, 2023, estimated little over 18.23 lakh crore net direct tax collection in 2023-24, which was later revised to 19.45 lakh crore on February 1, 2024.

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The gross CIT in the financial year ended March 31 was 11.32 lakh crore, posting a growth of 13.06% over the gross CIT collection of 10 lakh crore in the preceding fiscal year. The net CIT in 2023- 24 was 9.11 lakh crore, showing a growth of 10.26% over the net CIT revenue of 8.26 lakh crore of the preceding financial year. The collection of net CIT in 2023-24 was, however, lower than 9.22 lakh crore envisaged in the BE and RE of 2023-24.

Data showed an impressive PIT collection. The gross PIT (including securities transaction tax, or STT) in 2023-24 was 12.01 lakh crore, a 24.26% jump over 9.67 lakh crore collected in the preceding year. After refunds, the net PIT (including STT) in 2023-24 was 10.44 lakh crore, at 25.23% growth over 8.33 lakh crore collected in the preceding financial year. The collection of net PIT in 2023-24 was exceeded significantly than the 9 lakh crore envisaged in the BE and 10.22 lakh crore projected in the RE.

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The income-tax department issued refunds of 3.79 lakh crore in 2023-24, showing an increase of 22.74% over the refunds of 3.09 lakh crore issued in 2022-23, official data showed.

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