21 Apr 2024 PIB
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1. Net Direct Tax collections (provisional) for Financial Year (FY) 2023-24

Syllabus: GS-3, Economy

Mains: Taxes in India

Details:

• The provisional figures of Direct Tax collections for the FY 2023-24 show that net collections are at Rs. 19.58 lakh crore, compared to Rs. 16.64 lakh crore in the preceding FY 2022-23, representing an increase of 17.70%.
• The provisional Direct Tax collections (net of the refunds) have exceeded the budget estimates by 7.40% and the revised estimates by 0.67%.
• The Gross collection (provisional) of Direct Taxes (before adjusting for refunds) for the FY 2023-24 stands at Rs. 23.37 lakh crore showing a growth of 18.48% over the gross collection of Rs. 19.72 lakh crore in FY 2022-23.
• The Gross Corporate Tax collection (provisional) in FY 2023-24 is at Rs. 11.32 lakh crore and has shown a growth of 13.06% over the gross corporate tax collection of Rs. 10 lakh crore of the preceding year. 
  • The Net Corporate Tax collection (provisional) in FY 2023- 24 is at Rs. 9.11 lakh crore and has shown a growth of 10.26% over the net corporate tax collection of Rs. 8.26 lakh crore of the preceding year.
• The Gross Personal Income Tax collection (including STT) (provisional) in FY 2023- 24 is at Rs. 12.01 lakh crore and has shown a growth of 24.26% over the Gross Personal Income Tax collection (including STT) of Rs. 9.67 lakh crore of the preceding year. 
  • The Net Personal Income Tax collection (including STT) (provisional) in FY 2023-24 is at Rs. 10.44 lakh crore and has shown a growth of 25.23% over the Net Personal Income Tax collection (including STT) of Rs. 8.33 lakh crore of the preceding year.

Also read: Taxation in India