Gross direct tax collections in FY24 grows at 18.74%, net direct tax at 19.88%

Gross direct tax collections in FY24 grew at 18.74 per cent for the Financial Year 2023-24. The provisional figures of Gross collection of Direct Taxes (before adjusting for refunds) for the Financial Year 2023-24 stood at Rs 22,27,067 crore compared to Rs 18,75,535 crore in the corresponding period of the preceding FY 2022-23.

The net direct tax collections from April 1, 2023, to March 17, 2024, grew at the rate of 19.88%. The net collections stood at Rs 18,90,259 crore compared to Rs 15,76,776 crore in the corresponding period of the preceding financial year, showing an increase of 19.88%,  according to a Central Board of Direct Taxes (CBDT) report.

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).

During this year's Budget speech, Finance Minister Nirmala Sitharaman had raised the direct tax collections projection for FY24 to Rs 19.45 lakh crore for the current fiscal from the budget estimate of Rs 18.20 lakh crore.

Provisional figures of total Advance Tax collections for FY 2023-24 stood at Rs 9,11,534 crore on March 17, 2024, against Advance Tax collections of Rs 7,45,246 crore for the corresponding period of the FY 2022-23), showing a growth of 22.31%. 

The Advance Tax collection of Rs 9,11,534 crore comprises Corporation Tax (CIT) at Rs 6,72,899 crore and Personal Income Tax (PIT) at Rs 2,38,628 crore.

Refunds amounting to Rs. 3,36,808 crore have also been issued in the FY 2023-24 till 17.03.2024, as compared to refunds of Rs. 2,98,758 crore issued in FY 2022-23, marking an increase of 12.74% over the refunds issued during the same period in the preceding year.