Indian Economy News

Gross Direct Tax collections for FY24 (as of August 16, 2023) registered a growth of 18.29%

According to the provisional data of Direct Tax Collections for FY24 (as of September 16, 2023), net collections are at Rs. 8,65,117 crore (US$ 103.82 billion), up from Rs. 7,00,416 crore (US$ 84.05 billion) during the same period of the previous FY23), a 23.51% rise.

As of September 16, 2023, out of the Net Direct Tax revenues, Rs. 4,16,217 crore (US$ 49.95 billion) (net of refund) came from Corporation Tax and Rs. 4,47,291 crore (US$ 53.75 billion) (net of refund) from Personal Income Tax (PIT), which includes Securities Transaction Tax (STT).

The estimated Gross Direct Tax Collection (before adjusting for refunds) for FY24 is Rs. 9,87,061 crore (US$ 118.45 billion) as compared to Rs. 8,34,469 crore (US$ 100.14 billion) during the same period last year, representing an increase of 18.29%.

The total revenue of Rs. 9,87,061 crore (US$ 118.45 billion) includes Corporation Tax (CIT) at Rs. 4,71,692 crore (US$ 56.60 billion) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs. 5,13,724 crore (US$ 61.65 billion). Minor head collections include Advance Tax of Rs. 3,55,481 crore (US$ 42.66 billion), Tax Deducted at Source of Rs. 5,19,696 crore (US$ 62.36 billion), Self-Assessment Tax of Rs. 82,460 crore (US$ 9.89 billion), Regular Assessment Tax of Rs. 21,175 crore (US$ 2.54 billion), and Tax under Other Minor Heads of Rs. 8,248 crore (US$ 989.8 million).

According to preliminary data as of September 16, 2023, advance tax revenues for the fiscal year 2023-24 are estimated to be Rs. 3,55,481 crore (US$ 42.66 billion), up from Rs. 2,94,433 crore (US$ 35.33 billion) the same period of the fiscal year 2022-23, representing a growth of 20.73%. This includes Rs. 2,80,620 crore (US$ 33.67 billion) in Corporation Tax (CIT) and Rs. 74,858 crore (US$ 8.98 billion) in Personal Income Tax (PIT).

Up till September 16, 2023, refunds totalling Rs. 1,21,944 crore (US$ 14.63 billion) were also issued.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.