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The country’s net direct tax collections surged by 17.7 per cent y-o-y to ₹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 the 2023-24 financial year exceeded budget estimates by ₹1.35 lakh crore (7.40 per cent) and the revised estimates by ₹13,000 crore.
While gross direct tax collections (provisional) for the FY 2023-24 rose 18.48 per cent to ₹23.37 lakh crore, net proceeds (after accounting for refunds) surged 17.7 per cent to ₹19.58 lakh crore, reflecting buoyancy in the economy and rise in income levels of individuals and corporates.
“Refunds aggregating to ₹3.79 lakh crore 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 ₹19.58 lakh crore, compared to ₹16.64 lakh crore 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 ₹18.23 lakh crore, which were revised to ₹19.45 lakh crore later.
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“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 ₹23.37 lakh crore, showing a growth of 18.48 per cent over the gross collection of ₹19.72 lakh crore in FY 2022-23.
The gross corporate tax collection (provisional) in FY 2023-24 was up 13.06 per cent to ₹11.32 lakh crore as against ₹10 lakh crore of the preceding year.
The net corporate tax collection (provisional) in FY 2023-24 at ₹9.11 lakh crore showed a growth of 10.26 per cent over the collection of ₹8.26 lakh crore of the preceding year.
The gross personal income tax collection including Securities Transaction Tax (provisional) in FY 2023-24 at ₹12.01 lakh crore was up 24.26 per cent over previous year's collection of ₹9.67 lakh crore.
The net personal income tax collection including STT (provisional) in FY 2023-24 at ₹10.44 lakh crore showed a growth of 25.23 per cent over preceding fiscal year's figure of ₹8.33 lakh crore.
Refunds of ₹3.79 lakh crore have been issued in FY 2023-24 showing an increase of 22.74 per cent over the refunds of ₹3.09 lakh crore issued in FY 2022-23, the statement added.
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