Net Direct Tax Collection Surges to Rs 19.58 Lakh Crore, Marking a 17.7% Year-on-Year Jump

Ira Singh
Khabar Khabaron Ki,22 April’24

India’s net direct tax collections for the fiscal year 2023-24 have surged by 17.7%, touching a remarkable figure of ₹19.58 lakh crore,the tax department stated. This figure, which marginally surpasses the revised estimates for the year, underlines the resilience of the Indian economy amidst global uncertainties and domestic challenges.

Provisional data released by the Finance Ministry on Sunday also showed that the uptick in net tax collections over the final fortnight of the financial year was driven by personal income tax (PIT) and securities transaction tax (STT) collections, while the net corporate tax kitty shrank a little. PIT and STT receipts also grew at almost double the pace of corporate taxes last year.

As of March 17, net direct taxes had risen 19.88% to ₹18.9 lakh crore, with PIT and STT accounting for 51.4% of the receipts and corporate tax yielding ₹9.14 lakh crore. By March 31, PIT and STT inflows had increased by ₹73,000 crore, lifting their full-year tally to ₹10.44 lakh crore.

The Finance Ministry also noted that tax refunds made in 2023-24 rose 22.74% to ₹3.79 lakh crore from ₹3.09 lakh crore issued in the previous financial year.