The net direct tax collections (provisional) for the Financial Year (FY) 2023-24 have exceeded the Union Budget Estimates (BE) by Rs 1.35 lakh crore (7.40 per cent), the Ministry of Finance said on Sunday.
The provisional figures of direct tax collections for the FY 2023-24 show that net collections are at Rs 19.58 lakh crore as compared to Rs 16.64 lakh crore in the preceding Financial Year, i.e., FY 2022-23, representing an increase of 17.70 per cent.
“The Budget Estimates (BE) for Direct Tax revenue in the Union Budget for FY 2023- 24 were fixed at Rs 18.23 lakh crore which were revised and the Revised Estimates (RE) were fixed 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,” the Ministry said in a statement.
The Gross collection (provisional) of direct taxes (before adjusting for refunds) for the FY 2023-24 stands at Rs 23.37 lakh crore showing a growth of 18.48 per cent over the gross collection of Rs 19.72 lakh crore in FY 2022-23.
The Gross Corporate Tax collection (provisional) in FY 2023-24 is at Rs 11.32 lakh crore and has shown 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.
The Gross Personal Income Tax collection (including STT) (provisional) in FY 2023- 24 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.
Refunds of Rs 3.79 lakh crore have been issued in the FY 2023-24, showing an increase of 22.74 per cent over the refunds of Rs 3.09 lakh crore issued in FY2022-23, the statement added.