The Ministry of Finance has disclosed the remarkable performance of India’s direct tax collections for the Financial Year (FY) 2023-24, reflecting robust economic activity and compliance. This article provides an overview of the key figures and trends revealed by the Ministry’s recent announcement.
Net Direct Tax Collections Surge: The provisional figures indicate a significant surge in net direct tax collections, reaching Rs. 18,90,259 crore as of March 17, 2024. Compared to the previous fiscal year, this represents a remarkable growth rate of 19.88%, underscoring the buoyancy in tax revenue.
Composition of Net Collections: The net direct tax collection comprises Corporation Tax (CIT) at Rs. 9,14,469 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs. 9,72,224 crore. This balanced contribution from corporate and individual taxpayers reflects a broad-based expansion in economic activity.
Impressive Growth in Gross Collections: The provisional figures reveal a robust growth trajectory in gross collections, standing at Rs. 22,27,067 crore for FY 2023-24. This marks a substantial increase of 18.74% compared to the corresponding period of the previous fiscal year, indicating enhanced compliance and economic vibrancy.
Advance Tax Collections Soar: Advance tax collections for FY 2023-24 have surged to Rs. 9,11,534 crore, reflecting a notable growth rate of 22.31%. This uptick underscores the proactive tax payment behavior of taxpayers and reinforces confidence in the economy’s resilience.
Refunds Witness Substantial Increase: The Ministry’s data also highlights a significant increase in refunds, amounting to Rs. 3,36,808 crore for FY 2023-24. This marks a commendable growth of 12.74% compared to the preceding fiscal year, indicating streamlined refund processes and taxpayer facilitation.
Conclusion: The provisional figures unveiled by the Ministry of Finance depict a robust performance in India’s direct tax collections for FY 2023-24. The notable surge in net collections, advance tax payments, and refunds underscores the resilience and buoyancy of the Indian economy. These trends reaffirm the government’s commitment to fiscal prudence, compliance, and sustainable economic growth.
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Ministry of Finance
Gross Direct Tax collections for Financial Year (FY) 2023-24 register a growth of 18.74%
Net Direct Tax collections for the FY 2023-24 grow at over 19.88%
Advance Tax collections for the FY 2023-24 stand at Rs. 9,11,534 crore which shows a growth of 22.31%
Refunds aggregating to Rs. 3,36,808 crore issued in the current fiscal
Posted On: 19 MAR 2024
The provisional figures of Direct Tax collections for the Financial Year 2023-24 (as on 17.03.2024) show that Net collections are at Rs. 18,90,259 crore, compared to Rs. 15,76,776 crore in the corresponding period of the preceding Financial Year (i.e. FY 2022-23), representing an increase of 19.88%.
The Net Direct Tax collection of Rs. 18,90,259 crore (as on 17.03.2024) 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).
The provisional figures of Gross collection of Direct Taxes (before adjusting for refunds) for the Financial Year 2023-24 stand at Rs. 22,27,067 crore compared to Rs. 18,75,535 crore in the corresponding period of the preceding financial year, showing a growth of 18.74% over the collections of FY 2022-23.
The Gross collection of Rs. 22,27,067 crore includes Corporation Tax (CIT) at Rs. 10,98,183 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs. 11,25,228 crore. Minor head wise collection comprises Advance Tax of Rs. 9,11,534 crore; Tax Deducted at Source of Rs. 10,44,511 crore; Self-Assessment Tax of Rs. 1,73,296 crore; Regular Assessment Tax of Rs. 73,548 crore; and Tax under other minor heads of Rs. 24,177 crore.
Provisional figures of total Advance Tax collections for Financial Year 2023-24 (as on 17.03.2024) stand at Rs. 9,11,534 crore, against Advance Tax collections of Rs. 7,45,246 crore for the corresponding period of the immediately preceding Financial Year (i.e. 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.
