Gross Direct Tax collections for Financial Year (FY) 2023-24 register a growth of 18.74%
- Press Information Bureau
- March 20, 2024
The preliminary data on Direct Tax collections for the Fiscal Year 2023-24 (as of 17.03.2024) indicates that the Net collections amount to US$ 227.7 billion (Rs. 18,90,259 crore), marking a significant increase from US$ 189.9 billion (Rs. 15,76,776 crore) in the same period of the previous fiscal year (i.e., FY23), reflecting a growth of 19.88%.
The Net Direct Tax collection of US$ 227.7 billion (Rs. 18,90,259 crore) comprises Corporation Tax (CIT) at US$ 110.2 billion (Rs. 9,14,469 crore) (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at US$ 117.5 billion (Rs. 9,72,224 crore) (net of refund).
The provisional figures for Gross collection of Direct Taxes (prior to refund adjustments) for the fiscal year 2023-24 amount to US$ 268.3 billion (Rs. 22,27,067 crore), as opposed to US$ 225.9 billion (Rs. 18,75,535 crore) in the corresponding period of the previous financial year, demonstrating a growth rate of 18.74% over the collections of FY23.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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