Direct taxes for FY24 up by 25.87% in FY24: Finance Ministry

The ministry shared provisional figures indicating that gross collections amount to INR 5.17 trillion in this fiscal year

July 12, 2023

Direct taxes for FY24 reached INR 4.75 trillion

The current collection represents 26.0 % of the total budget estimates for direct taxes in FY24

Refunds totalling INR 42,000 crore have been issued between April and July 9, 2023

The collection from direct taxes, encompassing income and corporate taxes, has witnessed a gross increase of 14.65%, reaching INR 5.17 trillion

India’s net direct tax collection experienced year-on-year growth of 15.87%, reaching INR 4.75 trillion in FY24, according to data from the Ministry of Finance. 

The ministry shared provisional figures indicating that gross collections amount to INR 5.17 trillion, reflecting a 14.65% increase compared to the corresponding period of the previous year.

The ministry’s release states that the current collection represents 26.0% of the total budget estimates for direct taxes in FY24, which amounts to INR 18.23 trillion. Additionally, refunds totalling INR 42,000 crore have been issued between April and July 9, 2023, indicating a 2.55% increase compared to the refunds issued during the same period last year. 

The collection from direct taxes, encompassing income and corporate taxes, has witnessed a gross increase of 14.65%, reaching INR 5.17 trillion.

For FY23, the provisional figures of direct tax collections revealed that net collections amounted to INR 16.61 trillion, reflecting a 17.63% increase compared to FY22’s INR 14.12 trillion. The budget for 2023-24 sets the target for direct tax collection slightly above INR 18.23 trillion, signifying a 9.75% increase over the amount collected.

Source: Financial Express

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