FY24 net direct tax receipts increase to Rs 13.70 lakh crore, an almost 21% increase

 FY24 net direct tax receipts increase to Rs 13.70 lakh crore, an almost 21% increase

FY24 net direct tax receipts increase to Rs 13.70 lakh crore, an almost 21% increase

Corporate tax revenues accounted for Rs 6.95 lakh crore of the total direct tax collections, while personal income tax and securities transaction tax together accounted for Rs 6.73 lakh crore.

Refunds of Rs. 2.25 lakh crore have been disbursed in 2023–2024.

From April 1 to December 17 (FY23–24), net direct tax receipts in India increased by 20.7% year over year to Rs 13.70 lakh crore, as per preliminary figures released by the Finance Ministry.

Corporate tax revenues made up Rs 6.95 lakh crore of the total direct tax collections; personal income tax and securities transaction tax together made up Rs 6.73 lakh crore.

Gross direct tax revenues for the period of April 1 through December 17, before accounting for refunds, were Rs 15.96 lakh crore, a 17% increase over the previous year. According to the ministry's December 18 statement, the corporate tax collection during that time was Rs 7.90 lakh crore, while gross personal income tax and securities transaction tax were Rs 8.03 lakh crore.

With an increase of 10.5%, net direct tax receipts are projected to reach Rs 18.2 lakh crore in 2023–2024.

Moneycontrol announced on December 7, quoting authorities, that the current financial year's rise in direct taxes is expected to surpass the budgeted objective and reach about 17–18% owing to greater compliance and the expansion of the tax base.

The Center is expected to fulfill its budget deficit goal of 5.9% of GDP for 2023–2024, according to the most recent tax collecting statistics from the federal government.

The Finance Ministry has also made reimbursements of Rs 2.25 lakh crore in the current fiscal year, according to preliminary figures.