Whats the growth rate of Tax collections in FY 2023-24?

The projected growth rate for tax collections in FY 2023-24 will depend on various factors, including economic conditions, tax policy changes, and enforcement efforts. Accurate figures require current fiscal data.

Direct Tax Net Collections Surge 17.7% in Financial Year

Fiscal Year 2023-24: Corporate Tax Growth

The financial landscape has witnessed a robust increase in Direct Tax collections for the Financial Year 2023-24. The provisional figures indicate that Net collections have soared to Rs. 19.58 lakh crore. This marks a significant uptick of 17.70% from the Rs. 16.64 lakh crore collected in the previous Financial Year, FY 2022-23.

When compared to the initial Budget Estimates (BE) for Direct Tax revenue, which were pegged at Rs. 18.23 lakh crore for FY 2023-24, the actual collections have surpassed expectations. The Revised Estimates (RE) were later adjusted to Rs. 19.45 lakh crore, and the provisional Direct Tax collections (net of refunds) have outdone these figures by 0.67%, exceeding the BE by a notable 7.40%.

The Gross collection of Direct Taxes for the fiscal year under review stands at an impressive Rs. 23.37 lakh crore, before refunds are accounted for. This represents an 18.48% growth over the previous year’s gross collection of Rs. 19.72 lakh crore.

Delving into specifics, the Gross Corporate Tax collection for FY 2023-24 has reached Rs. 11.32 lakh crore, reflecting a growth of 13.06% over the preceding year’s figure of Rs. 10 lakh crore. The Net Corporate Tax collection has also seen a healthy increase, rising by 10.26% to Rs. 9.11 lakh crore.

On the personal taxation front, the Gross Personal Income Tax collection, which includes Securities Transaction Tax (STT), has surged to Rs. 12.01 lakh crore. This marks a substantial growth of 24.26% over last year’s collection of Rs. 9.67 lakh crore. The Net Personal Income Tax collection, inclusive of STT, has grown even more impressively by 25.23%, reaching Rs. 10.44 lakh crore.

Reflecting on the refunds issued during FY 2023-24, there has been an increase of 22.74% with refunds totaling Rs. 3.79 lakh crore, up from Rs. 3.09 lakh crore in FY 2022-23.

The figures presented not only underscore the strength of the economy but also highlight the efficiency of tax collection mechanisms in place, contributing to a promising fiscal scenario for the country.

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Direct Tax Net Collections Surge 17.7% in Financial Year

Fiscal Year 2023-24: Corporate Tax Growth