Gross Direct Tax collections for FY 2023-24 Upto 10.02.2024

Gross Direct Tax collections for Financial Year 2023-24 upto 10.02.2024 

The Finance Ministry has made available the direct tax collecting results. As of February 10, 2024, the provisional figures demonstrate an excellent year-over-year gain of 17.30%. CBDT in his latest report released on Sunday, stated that Indian nation’s net direct tax revenues for the same period last year were ₹15.60 lakh crore, a 20.25 percent increase. According to the Central Board of Direct Taxes, this collection represents 80.23% of the total Revised Estimates of Direct Taxes for FY 2023–2024.

• According to Central Board of Direct Taxes data, Gross Direct Tax collections for Financial Year 2023-24 upto 10.02.2024 are at INR 18.38 lakh Cr, higher by 17.30 Percentage over Total Gross Collections for corresponding period of last year.
• As per the Central Board of Direct Taxes data, Net Direct Tax Collections at INR 15.60 lakh Cr are 20.25 Percentage higher than net Direct Tax collections for corresponding period of proceeding year.
• Moreover that, Corporate Income Tax gross Revenue Collections & Personal Income Tax collection also showed stable increasing trends as per Central Board of Direct Taxes (CBDT) said in a statement
• Corporate Income Tax Net growth rate stood at 13.57% along with Personal Income Tax collections Net growth rate stood at 26.91%.
• Total Income Tax refunds of INR 2.77 lakh Cr have been issued upto 10.02.2024.
• Your can access the CBDT – Direct tax Press Release at: https://pib.gov.in/PressReleasePage.aspx?PRID=2004965

Latest Update Net direct tax revenue increased by 19.88% till 17 March 2024

The Centre’s Net direct tax revenue increased by 19.88% to exceed INR 18.90 trillion till to March 17, 2024 in the current on going FY.  Net direct tax collection of INR 18,90,259 Cr includes Personal income tax, including STT, at INR 9,72,224 Cr (net of income tax refund) &  Corporation tax, at INR 9,14,469 Cr (Net of income tax refund). The mop-up is 19.9% higher year over year and represents 97% of the revised goal (RE) of Rs 19.5 trillion for FY24.

In Summary Net of refunds, Direct Tax collection,  stands at INR 15.60 lakh CR  with year over year growth of 20.25%, & Till to March 17, 2024, Net direct tax revenue increased by 19.88%.

CBDT : Significant year-on-year growth of 21.48% in Net Direct tax collections for FY 2024-25

The Central Board of Direct Taxes reported a significant year-on-year growth of 21.48% in net direct tax collections for FY 2024-25, reaching ₹12.01 lakh crore as of September 17, 2024. This growth is a strong indicator of the ongoing improvement in tax compliance and economic activity.

The net collections include Corporate taxes amounting to INR 5.59 lakh crore, Personal income tax totaling ₹6.14 lakh crore, and Securities transaction tax collection standing at INR 26,154 crore. For comparison, in FY 2023-24, the net direct tax collections stood at ₹9.88 lakh crore as of September 17, 2023. The 21.48% increase highlights the robust expansion in both corporate and personal tax revenue, reflecting increased profitability and better compliance measures.

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