Direct tax collection grew at 19.88% in FY24

Direct tax collection growth: Direct Tax collections for the Financial Year 2023-24 have soared from Rs. 15,76,776 crore to Rs. 18,90,259 crore, witnessing a growth of Rs 19.88 per cent in 2023-2024, a government release said on Tuesday. 

The gross collections for FY 2023-24 stood at Rs 22,27,067 crore, representing a growth of  18.74 per cent from the previous year's figure of Rs 18,75,535 crore. 

According to the release, the advance tax collections witnessed a growth of 22.31 per cent rise in FY 2023-24 compared to the preceding fiscal year. Advance Tax collections, totalling Rs 9,11,534 crore, reflect the confidence of corporations and individuals in the economic robustness, with Corporation Tax (CIT) leading at Rs 6,72,899 crore, closely followed by personal income tax at Rs 2,38,628 crore.

According to a government release, refunds issued in FY 2023-24 amounted to Rs 3,36,808 crore, a substantial increase of 12.74 per cent compared to the previous year's figure of Rs 2,98,758 crore. 

In essence, the resounding success of India's Direct Tax collections in FY 2023-24 not only highlights the resilience of the economy but also sets a promising tone for fiscal sustainability. 

With PTI Inputs