Direct tax revenue surges 20% in FY24 so far

In the fiscal year 2023-24 so far, the net direct tax collections have surged by over 20.66%. The advance tax collections for the same period have reached ₹6,25,249 cr., depicting a robust growth of 19.94%, the ministry of finance data shows.

The provisional figures of direct tax collections for FY 2023-24, as of December 17, 2023, shows the net collections reaching ₹13,70,388 cr. It marks an increase of 20.66% compared to the corresponding period in FY 2022-23, where net collections stood at ₹11,35,754 cr.

Breaking down the figures, the net direct tax collection of ₹13,70,388 crore includes corporation tax (CIT) at ₹6,94,798 cr. (net of refund) and personal income tax (PIT) including securities transaction tax (STT) at ₹6,72,962 crore (net of refund), the finance ministry says.

The advance tax collections for FY 2023-24, as of December 17, 2023, reached ₹6,25,249 cr., reflecting a growth of 19.94% compared to the corresponding period in the preceding financial year (FY 2022-23). The advance tax collection comprises CIT at ₹4,81,840 cr. and personal income tax (PIT) at ₹1,43,404 cr., it says.

Provisional figures of the gross collection of direct taxes for FY24 stand at ₹15,95,639 cr., up 17.01% over the collections of FY 2022-23, which amounted to ₹13,63,649 cr. The gross collection includes CIT at ₹7,90,049 cr. and PIT including STT at ₹8,02,902 cr, says the FinMin.

The Centre has also issued refunds worth ₹2,25,251 cr. as of December 17, 2023. These figures underscore positive economic trends, it adds.

In September, it was reported a significant 23.51% YoY surge in direct tax collections for the April to September period, reaching ₹8,65,117 cr.This compares to ₹7,00,416 cr collected in the corresponding period of the previous year.

As of September 16, 2023, the net direct tax collections encompass CIT at ₹4,16,217 crore (net of refund) and PIT, including STT, at ₹4,47,291 crore.