Gross Direct Tax Revenues for FY24 Experience Notable Growth of 18.74%, net direct tax at 19.88%

During the recent Budget speech, Finance Minister Nirmala Sitharaman revised the projection for direct tax collections in FY24 to Rs 19.45 lakh crore, reflecting an increase from the initial estimate of Rs 18.20 lakh crore.

Gross Direct Tax Collections:

The provisional figures indicate an impressive growth of 18.74% in gross direct tax collections for FY24 compared to the previous fiscal year. Specifically, the gross collection of Direct Taxes (before refunds) reached Rs 22,27,067 crore, a substantial rise from Rs 18,75,535 crore in the corresponding period of FY23.

Net Direct Tax Collections:

Net direct tax collections from April 1, 2023, to March 17, 2024, experienced robust growth at 19.88%. The net collections amounted to Rs 18,90,259 crore, compared to Rs 15,76,776 crore in the corresponding period of the preceding financial year.

Composition of Net Direct Tax Collection:

The net direct tax collection of Rs 18,90,259 crore includes Corporation Tax (CIT) at Rs 9,14,469 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs 9,72,224 crore (net of refund).

Advance Tax Collections:

Provisional figures of total Advance Tax collections for FY24 reached Rs 9,11,534 crore as of March 17, 2024, marking a significant growth of 22.31% compared to the corresponding period of FY23. Corporation Tax (CIT) accounted for Rs 6,72,899 crore, while Personal Income Tax (PIT) contributed Rs 2,38,628 crore.

Refunds:

Refunds totaling Rs. 3,36,808 crore were issued in FY24 until March 17, 2024, reflecting a notable increase of 12.74% compared to the previous fiscal year’s refunds of Rs. 2,98,758 crore.