New Delhi: The government’s net direct tax mop-up surged 17.70 per cent year-on-year to Rs 19.58 lakh crore in financial year 2023-24 (FY24) exceeding the full-year Budget estimate, according to data released by Finance Ministry on Sunday.
The Budget Estimates (BE) for direct tax revenue in the Union Budget for FY24 were fixed at Rs 18.23 lakh crore which were revised and the Revised Estimates (RE) was pegged at Rs 19.45 lakh crore.
The provisional direct tax collections (net of the refunds) have exceeded the BE by 7.40 per cent and RE by 0.67 per cent.
“Net direct tax collections (provisional) for Financial Year (FY) 2023-24 exceed Union Budget Estimates by Rs 1.35 lakh crore i.e. by 7.40 per cent,” the Finance Ministry said in a statement.
The provisional numbers showed the government’s gross direct tax collections for FY 2023-24 stand at Rs 23.37 lakh crore registering a growth of 18.48 per cent year-on-year.
The gross corporate tax collection (provisional) in FY24 is at Rs 11.32 lakh crore showing a growth of 13.06 per cent over the gross corporate tax collection of Rs 10 lakh crore of the preceding year.
“The net corporate tax collection (provisional) in FY 2023- 24 is at Rs 9.11 lakh crore and has shown a growth of 10.26 per cent over the net corporate tax collection of Rs 8.26 lakh crore of the preceding year,” Finance Ministry said.
As per the provisional tax data, the gross personal income tax collection (including securities transaction tax or STT) in FY24 is at Rs 12.01 lakh crore and has shown a growth of 24.26 per cent over the gross personal income tax collection (including STT) of Rs 9.67 lakh crore of the preceding year.
“The net personal income tax collection (including STT) (provisional) in FY 2023-24 is at Rs 10.44 lakh crore and has shown a growth of 25.23 per cent over the net personal income tax collection (including STT) of Rs 8.33 lakh crore of the preceding year,” the official release said.
Refunds of Rs 3.79 lakh crore have been issued in the FY24 showing an increase of 22.74 per cent over the refunds of Rs 3.09 lakh crore issued in FY23.
UNI
