Direct tax for FY24, jumps 18% to ₹19.58 lakh crore

India’s net direct tax collections surged by a massive 17.7 per cent year-on-year to Rs 19.58 lakh crore in the fiscal year that ended in March 2024, surpassing even revised estimates by a wide margin.

Net collections of income and corporate taxes, which make up for most of the direct taxes, in 2023-24 financial year exceeded the Budget estimates by Rs 1.35 lakh crore (7.40 per cent) and the revised estimates by Rs 13,000 crore.

While gross direct tax collections (provisional) for the FY2023-24 rose 18.48 per cent to Rs 23.37 lakh crore, net proceeds (after accounting for refunds) surged 17.7 per cent to Rs 19.58 lakh crore, reflecting buoyancy in the economy and rise in income levels of individuals and corporate.

Refunds aggregating to Rs 3.79 lakh crore have been issued in FY 2023-24, the CBDT said in a statement.

“The provisional figures of direct tax collections for the financial year (FY) 2023-24 show that net collections are at Rs 19.58 lakh crore, compared to Rs 16.64 lakh crore in the preceding financial year i.e. FY 2022-23,”