Based on the provisional data for Direct Tax Collections in Fiscal Year 2024, as of September 16, 2023, there has been a significant increase in net collections compared to the same period in the previous Fiscal Year 2023. The net collections have reached Rs. 8,65,117 crore (equivalent to US$ 103.82 billion), marking a notable rise of 23.51% from Rs. 7,00,416 crore (US$ 84.05 billion) in FY23.
As of September 16, 2023, a breakdown of the Net Direct Tax revenues reveals that Rs. 4,16,217 crore (US$ 49.95 billion) (net of refund) is attributed to Corporation Tax, while Rs. 4,47,291 crore (US$ 53.75 billion) (net of refund) originates from Personal Income Tax (PIT), inclusive of Securities Transaction Tax (STT).
The estimated Gross Direct Tax Collection (before accounting for refunds) for FY24 stands at Rs. 9,87,061 crore (US$ 118.45 billion), reflecting an 18.29% increase from the Rs. 8,34,469 crore (US$ 100.14 billion) recorded during the same period in the previous fiscal year.
This comprehensive figure of Rs. 9,87,061 crore (US$ 118.45 billion) encompasses Corporation Tax (CIT) at Rs. 4,71,692 crore (US$ 56.60 billion) and Personal Income Tax (PIT), including Securities Transaction Tax (STT), at Rs. 5,13,724 crore (US$ 61.65 billion). Minor head collections encompass Advance Tax of Rs. 3,55,481 crore (US$ 42.66 billion), Tax Deducted at Source of Rs. 5,19,696 crore (US$ 62.36 billion), Self-Assessment Tax of Rs. 82,460 crore (US$ 9.89 billion), Regular Assessment Tax of Rs. 21,175 crore (US$ 2.54 billion), and tax collections under Other Minor Heads totaled Rs. 8,248 crore (US$ 989.8 million).
In addition, preliminary data as of September 16, 2023, indicates that advance tax revenues for FY23-24 are expected to reach Rs. 3,55,481 crore (US$ 42.66 billion), marking a substantial growth of 20.73% from the Rs. 2,94,433 crore (US$ 35.33 billion) recorded during the same period in FY22-23. This figure comprises Rs. 2,80,620 crore (US$ 33.67 billion) in Corporation Tax (CIT) and Rs. 74,858 crore (US$ 8.98 billion) in Personal Income Tax (PIT).
Furthermore, it’s worth noting that refunds totaling Rs. 1,21,944 crore (US$ 14.63 billion) had been issued by September 16, 2023.
