The direct tax collections for the 2023-24 fiscal 12 months (FY24) elevated nearly 18 per cent in opposition to the funds collected within the earlier fiscal 12 months (2022-23), official information from the Ministry of Finance revealed on Sunday. All of the figures reported by the ministry had been of a provisional nature.
The info confirmed that internet tax collected in FY24 stood at Rs 19.58 lakh crore, in opposition to a set of Rs 16.64 lakh crore within the 2022-23 fiscal 12 months (FY23). The tax collections for FY24 additionally beat Finances Estimates (BE) and Revised Estimates (RE) given by the Union authorities.
➡️Internet Direct Tax collections(provisional) for FY2023-24 exceed the Finances Estimates by ₹ 1.35 lakh crore i.e by 7.40% & Revised Estimates by 0.67%
➡️Gross Direct Tax collections(provisional) at ₹23.37 lakh crore register a development of 18.48%
➡️Internet Direct Tax… pic.twitter.com/cgIJJYxSl3
— Revenue Tax India (@IncomeTaxIndia) April 21, 2024
The Finances Estimates for FY24 fastened direct tax income at Rs 18.23 lakh crore, whereas the quantity was set at Rs 19.45 lakh crore as per the Revised Estimates. Comparatively, the provisional tax assortment stood at Rs 19.58 lakh crore, surpassing the BE by 7.40 per cent and the RE by 0.67 per cent.
The Gross assortment (provisional) of direct taxes for FY24 touched Rs 23.27 lakh crore, rising by 18.48 per cent in opposition to the gathering of Rs 19.72 lakh crore recorded within the previous FY23. Gross direct taxes seek advice from the collections earlier than making changes for refunds.
Company Tax
Amongst the classes, the gross company tax assortment stood at Rs 11.32 lakh crore in FY24, in opposition to Rs 10 lakh crore collected within the previous fiscal 12 months, marking a development of 13.06 per cent. On the similar time, the online company tax assortment touched Rs 9.11 lakh crore in FY24, in opposition to Rs 8.26 lakh crore collected a 12 months earlier, gaining 10.26 per cent on a year-on-year (YoY) foundation.
Private Revenue Tax
The gross private revenue tax assortment, together with Securities Transaction Tax, reached Rs 12.01 lakh crore in FY24, gaining 24.26 per cent over the gathering of Rs 9.67 lakh crore a 12 months earlier. The online private revenue tax funds, inclusive of STT, stood at Rs 10.44 lakh crore in FY24, rising by 25.23 per cent in opposition to Rs 8.33 lakh crore collected in FY23.
The ministry knowledgeable that refunds within the 2023-24 fiscal 12 months touched Rs 3.79 lakh crore, up by 22.74 per cent in opposition to Rs 3.09 lakh crore issued in refunds within the earlier fiscal 12 months.
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