The Gross Private Revenue Tax assortment together with Securities Transaction Tax (provisional) in FY 2023-24 at Rs 12.01 lakh crore was up 24.26 per cent over earlier yr’s assortment of Rs 9.67 lakh crore.
Refunds aggregating to Rs 3.79 lakh crore have been issued in FY 2023-24, the CBDT mentioned
India’s web direct tax collections surged by an enormous 17.7 per cent year-on-year to Rs 19.58 crore within the fiscal yr ended March 2024, surpassing even revised estimates by a large margin, the tax division mentioned on Sunday.
Web collections of revenue and company taxes, which make up for a lot of the direct taxes, in 2023-24 monetary yr exceeded the Funds estimates by Rs 1.35 lakh crore (7.40 per cent) and the revised estimates by Rs 13,000 crore.
Whereas gross direct tax collections (provisional) for the FY 2023-24 rose 18.48 per cent to Rs 23.37 lakh crore, web proceeds (after accounting for refunds) surged 17.7 per cent to Rs 19.58 lakh crore, reflecting buoyancy within the economic system and rise in revenue ranges of people and corporates.
Web Direct Tax collections (provisional) for Monetary 12 months (FY) 2023-24 exceed Union Funds Estimates by Rs. 1.35 lakh crore i.e. by 7.40percentNet Direct Tax collections (provisional) for the FY 2023-24 exceed Revised Estimates by Rs. 13,000 crore
Gross Direct Tax… pic.twitter.com/A0JY0mbWFN
— Ministry of Finance (@FinMinIndia) April 21, 2024
Refunds aggregating to Rs 3.79 lakh crore have been issued in FY 2023-24, the CBDT mentioned in a press release.
“The provisional figures of Direct Tax collections for the monetary yr (FY) 2023-24 present that web collections are at Rs 19.58 lakh crore, in comparison with Rs 16.64 lakh crore within the previous monetary yr i.e. FY 2022-23,” it mentioned, including the Funds for 2023-24 fiscal had pegged the collections for the yr at Rs 18.23 lakh crore, which had been revised to Rs 19.45 lakh crore later.
“The provisional Direct Tax collections (web of the refunds) have exceeded the Funds Estimate by 7.40 per cent and Revised Estimates by 0.67 per cent,” it mentioned.
The gross assortment (provisional) of Direct Taxes (earlier than adjusting for refunds) for the FY 2023-24 stood at Rs 23.37 lakh crore, displaying a development of 18.48 per cent over the gross assortment of Rs 19.72 lakh crore in FY 2022-23.
The gross company tax assortment (provisional) in FY 2023-24 was up 13.06 per cent to Rs 11.32 lakh crore as in comparison with the gross company tax assortment of Rs 10 lakh crore of the previous yr.
The Web Company Tax assortment (provisional) in FY 2023-24 at Rs 9.11 lakh crore confirmed a development of 10.26 per cent over the online company tax assortment of Rs 8.26 lakh crore of the previous yr.
The Gross Private Revenue Tax assortment together with Securities Transaction Tax (provisional) in FY 2023-24 at Rs 12.01 lakh crore was up 24.26 per cent over earlier yr’s assortment of Rs 9.67 lakh crore.
The Web Private Revenue Tax assortment together with STT (provisional) in FY 2023-24 at Rs 10.44 lakh crore confirmed a development of 25.23 per cent over previous fiscal yr’s determine of Rs 8.33 lakh crore.
Refunds of Rs 3.79 lakh crore have been issued within the FY 2023-24 displaying a rise of twenty-two.74 per cent over the refunds of Rs 3.09 lakh crore issued in FY 2022-23, the assertion by the Ministry of Finance added.
