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India’s Direct Tax Collections – FY 2023/24
October 25 , 2024
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- The Financial Year (FY) 2023-24 has seen a significant increase in the Direct Tax collections, with provisional figures showing net collections at ₹19.58 lakh crore.
- This represents a 17.70% increase from the ₹16.64 lakh crore collected in FY 2022-23.
- The Union Budget had initially estimated Direct Tax revenue for FY 2023-24 at ₹18.23 lakh crore.
- However, this was later revised to ₹19.45 lakh crore.
- The provisional Direct Tax collections have exceeded these Revised Estimates by 0.67%, and the original Budget Estimates by 7.40%.
- Before adjusting for refunds, the Gross collection of Direct Taxes for FY 2023-24 stands at ₹23.37 lakh crore.
- It is marking an 18.48% growth from the ₹19.72 lakh crore collected in FY 2022-23.
- The Gross Personal Income Tax collection (including STT) for FY 2023-24 is ₹12.01 lakh crore.
- This is a 24.26% increase from the previous year’s ₹9.67 lakh crore.
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