New Delhi: The Union finance ministry on Sunday reported an 18.48% annualised increase in gross direct tax revenues to Rs.23.37 lakh crore in 2023-24 with about 17.70% jump in net revenues to Rs.19.58 lakh crore mainly due to robust collections from individual taxpayers.
Provisional numbers for the net direct tax revenue after paying refunds exceeded both the Budget Estimates (BE) and the Revised Estimates (RE) of FY24 on enhanced compliance by individual taxpayers, according to the official data.
While refunds saw a 22.74% year-on-year jump amounting to Rs.3.79 lakh crore, net collection post-refunds in FY24 was Rs.1.35 lakh crore more than what was envisaged in the BE, and Rs.13,000 crore more than the RE projections.
“The provisional direct tax collections (net of the refunds) have exceeded the BE by 7.40% and RE by 0.67%,” the ministry said in a statement. RE was raised mainly on estimates of higher personal income tax (PIT) collections, while no change in corporate income tax (CIT) was envisaged at the RE stage.
BE is the initial revenue projection made by the government at the time of presenting the budget for a particular financial year and the revenue numbers are often revised up or down based on collection trends at the time of presenting the budget for the next financial year. The budget presented on February 1, 2023, estimated a little over Rs.18.23 lakh crore net direct tax collection in 2023-24, which was later revised up to Rs.19.45 lakh crore on February 1, 2024.
{{/usCountry}}BE is the initial revenue projection made by the government at the time of presenting the budget for a particular financial year and the revenue numbers are often revised up or down based on collection trends at the time of presenting the budget for the next financial year. The budget presented on February 1, 2023, estimated a little over Rs.18.23 lakh crore net direct tax collection in 2023-24, which was later revised up to Rs.19.45 lakh crore on February 1, 2024.
{{/usCountry}}The gross CIT in the financial year ended March 31, 2024, was Rs.11.32 lakh crore, posting a growth of 13.06% over the gross CIT collection of Rs.10 lakh crore in the preceding fiscal year. The net CIT in FY 24 was Rs.9.11 lakh crore, showing a growth of 10.26% over the net CIT revenue of Rs.8.26 lakh crore of the preceding financial year. The collection of net CIT in 2023-24 was, however, lower than ₹9.22 lakh crore envisaged in the BE and the RE of FY24, according to official data.
Data show an impressive PIT collection. The gross PIT (including securities transaction tax or STT) in 2023- 24 was Rs.12.01 lakh crore, a 24.26% jump over Rs.9.67 lakh crore collected in the preceding year. After refunds, the net PIT (including STT) in 2023-24 was Rs.10.44 lakh crore, a 25.23% growth over Rs.8.33 lakh crore collected in the preceding financial year.
The collection of net PIT in FY24 exceeded significantly to Rs.9 lakh crore envisaged at the BE stage and Rs.10.22 lakh crore projected at the RE stage of 2023-24.
The income-tax department issued refunds of ₹3.79 lakh crore in 2023-24, showing an increase of 22.74% over the refunds of Rs.3.09 lakh crore issued in 2022-23, official data said.