FY24 net direct tax collections exceed budget estimate by 7.4%

New Delhi (India), April 21: The gross direct tax collection for the financial year 2023-2024 in India was Rs. 19.58 lakh crore, compared to Rs 16.64 lakh crore in FY 2022-23, reflecting an increase of 17.70 per cent.

According to a press release from the Union Ministry of Finance, the Budget Estimates (BE) for direct tax revenue in the Union Budget for the financial year 2023-2024 has been set at Rs. 18.23 lakh crore. However, the provisional collection of direct taxes (after deducting refunds) has exceeded the BE by a margin of 7.40 percent.

Moreover, they exceeded the revised estimates (RE) by Rs. 13,000 crore, with RE set at Rs. 19.45 lakh crore.

The gross collection (provisional) of direct taxes (before adjustment for refunds) for the financial year 2023-24 is Rs. 23.37 lakh crore, registering a growth of 18.48 percent over the previous fiscal.

A direct tax is a tax that an individual or organization pays directly to the entity that imposed it. Examples of this are income tax.

Breaking down the numbers, gross corporate tax collection (provisional) in the financial year 2023-24 was Rs. 11.32 lakh crore, reflecting a growth of 13.06 percent over the previous year. So does the Net

Corporate tax collection (provisional) reached Rs. 9.11 lakh crore, which means a growth of 10.26 percent.

On the personal income tax front, gross collection (including STT) increased to Rs. 12.01 lakh crore in financial year 2023-24, showing a remarkable growth of 24.26 percent over the previous year. The net personal income tax (including STT) reached Rs. 10.44 lakh crore, indicating a substantial growth of 25.23 percent.

Moreover, refunds totaling Rs. Rs 3.79 lakh crore was disbursed in the financial year 2023-24, an increase of 22.74 per cent over the reimbursements in the financial year 2022-23, according to the finance ministry data.

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