Direct tax collections jump
18% to Rs 19.58 trn; exceed estimates in FY24
India's net
direct tax collections surged by a massive 17.7 per cent year-on-year to Rs
19.58 crore in the fiscal year ended March 2024, surpassing even revised
estimates by a wide margin, the tax department said on Sunday.
Net
collections of income and corporate taxes, which make up for most of the direct
taxes, in 2023-24 financial year exceeded the Budget estimates by Rs 1.35
trillion (7.40 per cent) and the revised estimates by Rs 13,000 crore.
The
government had raised the target for direct tax collection in FY24 (April 2023
to March 2024) to Rs 19.45 trillion in the interim Budget presented on February
1.
With this,
the gross tax collection target as per the revised estimate stood at Rs 34.37
trillion for FY24.
While gross
direct tax collections (provisional) for the FY 2023-24 rose 18.48 per cent to
Rs 23.37 trillion, net proceeds (after accounting for refunds) surged 17.7 per
cent to Rs 19.58 trillion, reflecting buoyancy in the economy and rise in
income levels of individuals and corporates.
Refunds
aggregating to Rs 3.79 trillion have been issued in FY 2023-24, the CBDT said
in a statement.
"The
provisional figures of Direct Tax collections for the financial year (FY)
2023-24 show that net collections are at Rs 19.58 trillion, compared to Rs
16.64 trillion in the preceding financial year i.e. FY 2022-23," it said,
adding the Budget for 2023-24 fiscal had pegged the collections for the year at
Rs 18.23 trillion, which were revised to Rs 19.45 trillion later.
"The
provisional Direct Tax collections (net of the refunds) have exceeded the
Budget Estimate by 7.40 per cent and Revised Estimates by 0.67 per cent,"
it said.
The gross
collection (provisional) of Direct Taxes (before adjusting for refunds) for the
FY 2023-24 stood at Rs 23.37 trillion, showing a growth of 18.48 per cent over
the gross collection of Rs 19.72 trillion in FY 2022-23.
The gross
corporate tax collection (provisional) in FY 2023-24 was up 13.06 per cent to
Rs 11.32 trillion as compared to the gross corporate tax collection of Rs 10
trillion of the preceding year.
The Net
Corporate Tax collection (provisional) in FY 2023-24 at Rs 9.11 trillion showed
a growth of 10.26 per cent over the net corporate tax collection of Rs 8.26
trillion of the preceding year.
The Gross
Personal Income Tax collection including Securities Transaction Tax
(provisional) in FY 2023-24 at Rs 12.01 trillion was up 24.26 per cent over
previous year's collection of Rs 9.67 trillion.
The Net
Personal Income Tax collection including STT (provisional) in FY 2023-24 at Rs
10.44 trillion showed a growth of 25.23 per cent over preceding fiscal year's
figure of Rs 8.33 trillion.
Refunds of
Rs 3.79 trillion have been issued in the FY 2023-24 showing an increase of
22.74 per cent over the refunds of Rs 3.09 trillion issued in FY 2022-23, the
statement added.
Even the
indirect tax collection for FY24 has exceeded the revised estimates (RE) of Rs
14.84 trillion by "a handsome margin", helped by a record GST mop-up,
a top government official said.
CBIC
chairman Sanjay Kumar Agarwal, in a letter to field officials, recently said,
"I am happy to inform that the indirect tax collections for the Financial
Year 2023-24, including Customs and Union Excise Duty have exceeded the Revised
Estimates by a handsome margin.
www.business-standard.com.
dt. 22.04.2024