Direct Tax Collection

Direct tax collections jump 182% in 10 years to over Rs 19.60 trn in FY24

Direct tax collections have surged 182 per cent to over Rs 19.60 lakh crore in 2023-24 in the 10-year period of Prime Minister Narendra Modi-led government. The latest 'Time Series Data' released by the income tax department showed that the corporate tax collections more than doubled to over Rs 9.11 lakh crore in 10 years to 2023-24 fiscal. Personal income tax mop up grew close to four-fold to Rs 10.45 lakh crore during the period. In the first year of the Modi government in 2014-15, direct tax collection was about Rs 6.96 lakh crore. This included about Rs 4.29 lakh crore of corporate tax and Rs 2.66 lakh crore of personal income tax. The number of income tax returns filed (including revised returns) increased from over 4.04 crore in 2014-15 fiscal to over 8.61 crore in 2023-24. Direct tax-to-GDP ratio increased from 5.55 per cent in 2014-15 to 6.64 per cent in 2023-24. Tax buoyancy, which measures revenue mobilisation efficiency with respect to GDP growth, increased from 0.86 to

Direct tax collections jump 24% to Rs 8.13 trn in April-Aug: Govt

Net direct tax collections, after adjusting for refunds, was Rs 6.93 trillion during the period, about 22.5 per cent higher than last year

Direct tax collections jump 18% to Rs 19.58 trn; exceed estimates in FY24

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, ...

Business Standard Manthan: Centre-state relations emerge as talking point

Ahluwalia suggested that a portion of central taxes be set aside for this transfer and the remaining be shared between the Centre and the states

Direct tax collection reaches 80% of revised FY24 target at Rs 15.60 trn

Net direct tax collection so far in current fiscal grew 20 per cent year-on-year to Rs 15.60 lakh crore, which is 80 per cent of revised budget estimates for full fiscal year. "The provisional figures of direct tax collections continue to register steady growth. Direct tax collections up to 10th February, 2024 show that gross collections are at Rs 18.38 lakh crore, which is 17.30 per cent higher than the gross collections for the corresponding period of last year," Central Board of Direct Taxes (CBDT) said in a statement. Direct tax collection, net of refunds, till February 10 of FY24 stands at Rs 15.60 lakh crore, which is 20.25 per cent higher than the net collections in the corresponding period last year. This collection is 80.23 per cent of the total revised estimates of direct taxes for 2023-24. Refunds amounting to Rs 2.77 lakh crore have been issued during April 1, 2023 to February 10, 2024. Gross revenue collections for Corporate Income Tax (CIT) and Personal Income Tax (P

Over Rs 15 trillion in direct tax mop-up comes in 'automatically'

Proportion of TDS, advance taxes in total collections inching closer to 80%

At Rs 10.6 trillion, net direct tax collection rises 23.4% in Apr-Nov

Net direct tax collection in the eight months of the current fiscal touched 58.34 per cent of Budget Estimates (BE) at Rs 10.64 lakh crore. The net tax collection for April-November stood at Rs 10.64 lakh crore, which is 23.4 per cent higher than the corresponding period of last year, the Ministry of Finance said. Gross collections, before issuing refunds, grew 17.7 per cent to Rs 12.67 lakh crore in the April-November period. Refunds amounting to Rs 2.03 lakh crore issued from April to November of the current fiscal. Special initiative was taken for cases where refunds had failed initially and subsequently issued to validated bank accounts, the ministry said. In the current fiscal, Rs 18.23 lakh crore is expected to be collected in direct taxes (personal income tax and corporate tax), and Rs 15.38 lakh crore from indirect taxes (GST, customs, excise). Earlier this week, a senior finance ministry official said that the government is likely to stick to the budgeted estimate of a t

Govt to exceed Rs 18.23 trn full-year direct tax collection target: CBDT

The government will exceed the Rs 18.23 lakh crore direct tax collection target set for the current fiscal, CBDT Chairman Nitin Gupta said on Wednesday. "We will exceed the Budget target. The economy is doing well, and we will get a better picture of full-year tax collection once the third instalment of advance tax numbers come in by December 15," Gupta told reporters here. As per government data, the net direct tax collection between April 1 and November 9 this fiscal has swelled 22 per cent to Rs 10.60 lakh crore. "On a gross basis, the direct tax collection has been growing at 17-18 per cent, while on a net basis, we are growing at 22 per cent. We are also issuing refunds simultaneously. So, we have no doubt about tax collection exceeding estimates," Gupta said after inaugurating the taxpayers' lounge at the India International Trade Fair (IITF). Refunds totalling Rs 1.77 lakh crore have been issued between April 1 and November 9. The 2023-24 Budget has pegged direct tax collec

India's direct tax collection up 17.6% to Rs 12.3 trillion till Nov 9: CBDT

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

Direct tax collections rise 16% to Rs 6.53 trillion till Aug 10: I-T dept

Gross direct tax collection grew 15.73 per cent to Rs 6.53 lakh crore till August 10 in the current fiscal, the Income Tax department said on Friday. Net direct tax collection after adjusting refunds stands at Rs 5.84 lakh crore, which is 17.33 per cent higher than the net collections for the corresponding period of last year. "The provisional figures of direct tax collections up to 10th August, 2023 continue to register steady growth," the Central Board of Direct Taxes (CBDT) said in a statement. The collection is 32.03 per cent of the total budget estimates of direct taxes for current fiscal 2023-24. Refunds amounting to Rs 69,000 crore have been issued till August 10, which are 3.73 per cent higher than refunds issued during the same period in the preceding year.

Net direct tax collections rose 160% to Rs 16.6 trillion in 2022-23

As per the data, gross direct tax collections also witnessed a massive 173 per cent rise to Rs 19,68,780 crore in 2022-23 from Rs 7,21,604 crore in 2013-14

Direct tax mop up skyrockets 173% to over Rs 19.68 trillion in 10 years

India's gross direct tax collection increased 173 per cent to over Rs 19.68 lakh crore in 10 years to 2022-23. On a net basis, after adjusting refunds, direct tax collection zoomed 160 per cent since the 2013-14 fiscal to over Rs 16.61 lakh crore in 2022-23. The Central Board of Direct Taxes (CBDT) has released Time-Series data as updated up to fiscal 2021-22 and also provided provisional data for 2022-23. Direct Tax Buoyancy at 2.52 in FY 2021-22 is the highest Direct Tax Buoyancy recorded over the last 15 years. The direct tax to GDP ratio has increased from 5.62 per cent in 2013-14 to 5.97 per cent in 2021-22. The cost of collection has decreased from 0.57 per cent of the total collection in FY 2013-14 to 0.53 per cent of the total collection in FY 2021-22, CBDT added.

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Revenue boost: FY23 net direct tax collection exceeds Revised Estimate

Mop-up could help govt meet its fiscal deficit target

Direct tax collection hits 95.2% of Revised Estimates for FY23

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

Net direct tax collection hits Rs 13.73 trn, 83% of FY23 revised estimate

Net direct tax collection so far this fiscal grew 17 per cent to reach Rs 13.73 lakh crore, which is 83 per cent of the revised target for the full financial year, the Central Board of Direct Taxes (CBDT) said on Saturday. The growth in direct tax mop-up, which comprises personal income tax and corporate taxes, was driven by PIT collections. On a gross basis, the collection grew 22.58 per cent to Rs 16.68 lakh crore. Refunds amounting to Rs 2.95 lakh crore have been issued during April 1, 2022 to March 10, 2023, which are 59.44 per cent higher than refunds issued during the same period in the preceding year. Direct tax collection, net of refunds, stands at Rs 13.73 lakh crore which is 16.78 per cent higher than the net collections for the corresponding period of last year. This collection is 96.67 per cent of the total budget estimates and 83.19 per cent of the total revised estimates of direct taxes for the financial year 2022-23, the CBDT said in a statement. After adjustment

Direct tax collection in FY23 likely to top govt's Revised Estimates

Until February, net direct tax collection stood at Rs 13 trillion

Gross direct tax mop-up grows 24% to Rs 15.67 trn, net collection rise 18%

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 ...

Direct tax mop-up to exceed budget target by 25-30 pc: CBDT chief

The direct tax collection in the current fiscal is likely to exceed the budget target of Rs 14.20 lakh crore by about 30 per cent, a senior official said on Tuesday. Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta also said that the Budget for next fiscal could bring about some tweaks in the TDS provision for online gaming to check tax evasion. "Currently there is a provision for deduction of TDS on online gaming. There is existing provision, if it needs to be modified or retained in the same way that needs to be seen," he said. Currently, a 10 per cent Tax Deduction at Source (TDS) is levied on income from online gaming. Gupta further said that given the current buoyancy in collections, the Budget target for the next fiscal (2023-24) is also likely to be higher. "For current year we believe we would be exceeding the Budget estimate by sizeable margin, it could be 25-30 per cent higher than what has been given to us. Next year, given the buoyancy of tax collection, we wo

Direct Tax collections rise 31% YoY at Rs 10.54 trillion till November 10

Refunds amounting to Rs 1.83 trillion were issued during 1st April, 2022 to 10th November, 2022