Ministry of Finance’s Report on Direct Tax Collections for FY 2023-24
In a resounding testament to India’s economic prowess, the Ministry of Finance has recently released provisional figures that illuminate a compelling narrative of fiscal success for the Financial Year 2023-24. The comprehensive report, as of December 17, 2023, reveals significant strides in Gross and Net Direct Tax collections, Advance Tax receipts, and an efficient refund mechanism.
Gross Direct Tax Collections: 17.01% Surge
The Gross Direct Tax collections for FY 2023-24 have witnessed an impressive growth of 17.01%, soaring from Rs. 13,63,649 crore in the corresponding period of the preceding financial year to an astounding Rs. 15,95,639 crore. This monumental increase underscores the nation’s robust economic foundation.
Net Direct Tax Collections: 20.66% Surge
One of the most noteworthy highlights is the remarkable surge in Net Direct Tax collections, growing at an impressive rate of over 20.66%. As of December 17, 2023, net collections stand at Rs. 13,70,388 crore, showcasing a substantial increase from Rs. 11,35,754 crore during the same period in the FY 2022-23. This surge is a testament to the resilience of India’s economic landscape.
The Net Direct Tax collection encompasses Corporation Tax (CIT) at Rs. 6,94,798 crore (net of refund) and Personal Income Tax (PIT), including Securities Transaction Tax (STT), at Rs. 6,72,962 crore (net of refund). These figures reflect a balanced contribution from both corporate and individual taxpayers.
Advance Tax Collections: 19.94% Growth Momentum
The FY 2023-24 witnesses Advance Tax collections reaching Rs. 6,25,249 crore, portraying a growth rate of 19.94% compared to the corresponding period in the preceding Financial Year (FY 2022-23). This impressive figure comprises Corporation Tax (CIT) at Rs. 4,81,840 crore and Personal Income Tax (PIT) at Rs. 1,43,404 crore.
Efficient Refund Mechanism: Rs. 2,25,251 Crore Issued
In a move highlighting the government’s commitment to taxpayer satisfaction, refunds aggregating to Rs. 2,25,251 crore have been issued in the FY 2023-24 until December 17, 2023. This efficient refund mechanism plays a pivotal role in ensuring a smooth and responsive financial ecosystem.
Conclusion: Shaping a Financially Resilient Future
The Ministry of Finance’s report for FY 2023-24 paints a vivid picture of India’s financial landscape characterized by growth, resilience, and efficiency. The surge in Gross and Net Direct Tax collections, coupled with robust Advance Tax receipts and streamlined refund processes, signals not only economic stability but also a promising trajectory for the nation’s fiscal future. As these provisional figures pave the way for a financially triumphant year, India stands poised for continued economic success.
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Related Press Release is as follows:
Ministry of Finance
Gross Direct Tax collections for FY 2023-24 register a growth of 17.01%
Net Direct Tax collections for FY 2023-24 grow at over 20.66%
Advance Tax collections for the FY 2023-24 stand at Rs. 6,25,249 crore which shows a growth of 19.94%
Refunds aggregating to Rs. 2,25,251 crore issued in the current fiscal
The provisional figures of Direct Tax collections for the Financial Year 2023-24 (as on 17.12.2023) show that net collections are at Rs. 13,70,388 crore, compared to Rs. 11,35,754 crore in the corresponding period of the FY 2022-23, representing an increase of 20.66%.
The Net Direct Tax collection of Rs. 13,70,388 crore (as on 17.12.2023) includes Corporation Tax (CIT) at Rs. 6,94,798 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs. 6,72,962 crore (net of refund).
The provisional figures of Gross collection of Direct Taxes (before adjusting for refunds) for the FY 2023-24 stand at Rs. 15,95,639 crore, compared to Rs. 13,63,649 crore in the corresponding period of the preceding financial year, showing a growth of 17.01% over the collections of FY 2022-23.
The Gross collection of Rs. 15,95,639 crore includes Corporation Tax (CIT) at Rs. 7,90,049 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs. 8,02,902 crore. Minor head wise collection comprises Advance Tax of Rs. 6,25,249 crore; Tax Deducted at Source of Rs. 7,70,606 crore; Self-Assessment Tax of Rs. 1,48,677 crore; Regular Assessment Tax of Rs. 36,651 crore; and Tax under other minor heads of Rs. 14,455 crore.
Provisional figures of total Advance Tax collections for FY 2023-24 (as on 17.12.2023) stand at Rs. 6,25,249 crore, against Advance Tax collections of Rs. 5,21,302 crore for the corresponding period of the immediately preceding Financial Year (i.e. FY 2022-23), showing a growth of 19.94%. The Advance Tax collection of Rs. 6,25,249 crore comprises Corporation Tax (CIT) at Rs. 4,81,840 crore and Personal Income Tax (PIT) at Rs. 1,43,404 crore.
Refunds amounting to Rs. 2,25,251 crore have also been issued in the FY 2023-24 till 17.12.2023.
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