Net Direct Tax Collections

Direct taxes, which include corporate and personal tax, grew over 21 per cent to Rs 15 trillion on a gross basis

India's net direct tax collections surged by a massive 17.7 per cent year-on-year to Rs 19.58 crore in the fiscal year ended March 2024, surpassing even revised estimates by a wide margin, the tax department said on Sunday. Net collections of income and corporate taxes, which make up for most of the direct taxes, in 2023-24 financial year exceeded the Budget estimates by Rs 1.35 lakh crore (7.40 per cent) and the revised estimates by Rs 13,000 crore. While gross direct tax collections (provisional) for the FY 2023-24 rose 18.48 per cent to Rs 23.37 lakh crore, net proceeds (after accounting for refunds) surged 17.7 per cent to Rs 19.58 lakh crore, reflecting buoyancy in the economy and rise in income levels of individuals and corporates. Refunds aggregating to Rs 3.79 lakh crore have been issued in FY 2023-24, the CBDT said in a statement. "The provisional figures of Direct Tax collections for the financial year (FY) 2023-24 show that net collections are at Rs 19.58 lakh crore, ...

The net direct tax collection grew 19.88 per cent to over Rs 18.90 lakh crore till March 17, the income tax department said on Tuesday. The net direct tax collection of Rs 18,90,259 crore(as of March 17) includes Corporation Tax (CIT) at Rs 9,14,469 crore (net of refund) and Personal Income Tax (PIT), including Securities Transaction Tax (STT) at Rs 9,72,224 crore (net of refund). Refunds amounting to about Rs 3.37 lakh crore have also been issued in the current fiscal till March 17. On a gross basis, before adjusting refunds, the direct tax collection stood at Rs 22.27 lakh crore, an 18.74 per cent growth over the year-ago period. "The provisional figures of Direct Tax collections for the Financial Year 2023-24 (as of March 17, 2024) show that net collections are at Rs 18,90,259 crore, compared to Rs 15,76,776 crore in the corresponding period of the preceding Financial Year (FY 2022-23), representing an increase of 19.88 per cent," the Central Board of Direct Taxes (CBDT) said in

The government has budgeted to collect Rs 18.23 trn from direct taxes (personal income tax and corporate tax), 9.75 per cent higher than Rs 16.61 trn mopped up last fiscal

Currently, the tax collection stands at 58.15% of the total Budget Estimates for FY24

Mop-up could help govt meet its fiscal deficit target

The net direct tax collections, which include taxes from individuals and corporations, have exceeded the BE by 16.97 per cent and RE by 0.69 per cent

With this, tax collection is 95.2% of Rs 16.5 trillion RE

Gross direct tax collections grew 24 per cent to Rs 15.67 lakh crore so far this fiscal, the finance ministry said on Saturday. After adjusting for refunds, the net direct tax collection stood at Rs 12.98 lakh crore, a growth of 18.40 per cent. The net collections are about 79 per cent of Revised Estimates (RE) of direct tax collection for current fiscal, the CBDT said. The revised estimates for the current fiscal pegged direct tax revenues at Rs 16.50 lakh crore, higher than the budget estimates of Rs 14.20 lakh crore. "The provisional figures of direct tax collections up to 10th February, 2023 continue to register steady growth. Direct tax collections up to 10th February, 2023 show that gross collections are at Rs 15.67 lakh crore which is 24.09 per cent higher than the gross collections for the corresponding period of last year," Central Board of Direct Taxes (CBDT) said in a statement. In the current fiscal (2022-23), the revenues from direct tax (which includes income and ...

The finance ministry issued refunds amounting to Rs 2.4 trillion till January 10

Net direct tax collections (net of refunds) for the current financial year have grown at 23 per cent to over Rs 7 trillion between April 1 and September 17

Advance tax by companies and individuals rises 33%

According to the IT Dept, reports, net direct tax was reported to have crossed 45% till mid-Jun. The CBDT has claimed that this is signficant increase compared to the preceding year.

Direct tax collection, net of refunds, stood at Rs 2.81 trn, according to initial estimates; advance tax collection for the period between April 1 and June 15 was Rs 42,679 cr

The government also issued 41 per cent higher refunds compared to last year.

6% fall in corporation tax due to Covid-related issues

It had declined by slightly over 4% in December. The city contributes 37% to the total direct tax revenues

The growth was the fastest in seven fiscal years

An amount of Rs 1.77 lakh crore has been received as advance tax up to September 30, 2017

An amount of Rs 1.77 lakh crore has been received as advance tax up to September 30, 2017