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Gross direct tax collections in FY24 grew at 18.74 per cent for the Monetary 12 months 2023-24. The provisional figures of Gross assortment of Direct Taxes (earlier than adjusting for refunds) for the Monetary 12 months 2023-24 stood at Rs 22,27,067 crore in comparison with Rs 18,75,535 crore within the corresponding interval of the previous FY 2022-23.
The online direct tax collections from April 1, 2023, to March 17, 2024, grew on the charge of 19.88%. The online collections stood at Rs 18,90,259 crore in comparison with Rs 15,76,776 crore within the corresponding interval of the previous monetary yr, displaying a rise of 19.88%, in response to a Central Board of Direct Taxes (CBDT) report.
The online direct tax assortment of Rs 18,90,259 crore contains Company Tax (CIT) at Rs 9,14,469 crore (internet of refund) and Private Revenue Tax (PIT) together with Securities Transaction Tax (STT) at Rs 9,72,224 crore (internet of refund).
Throughout this yr’s Funds speech, Finance Minister Nirmala Sitharaman had raised the direct tax collections projection for FY24 to Rs 19.45 lakh crore for the present fiscal from the funds estimate of Rs 18.20 lakh crore.
Provisional figures of whole Advance Tax collections for FY 2023-24 stood at Rs 9,11,534 crore on March 17, 2024, in opposition to Advance Tax collections of Rs 7,45,246 crore for the corresponding interval of the FY 2022-23), displaying a development of twenty-two.31%.
The Advance Tax assortment of Rs 9,11,534 crore includes Company Tax (CIT) at Rs 6,72,899 crore and Private Revenue Tax (PIT) at Rs 2,38,628 crore.
Refunds amounting to Rs. 3,36,808 crore have additionally been issued within the FY 2023-24 until 17.03.2024, as in comparison with refunds of Rs. 2,98,758 crore issued in FY 2022-23, marking a rise of 12.74% over the refunds issued throughout the identical interval within the previous yr.
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