Net direct tax receipts so far in FY24 rose 11.18% to ₹3.80 lakh crore compared to ₹3.41 lakh crore in the same period last year, the Treasury said on Sunday. Of this, Corporate Income Tax (CIT) accounted for ₹1.57 crore (net of rebate), while Personal Income Tax (PIT) collection, including Securities Transaction Tax (STT), totaled more than ₹2.22 lakh crore.
Gross Direct Tax Revenue for FY24 to date is ₹4.19 lakh crore compared to 3.72 lakh crore in the corresponding period of FY23, a growth of 12.73%. Of this amount, ₹1.87 million was for corporate income tax and ₹2.31 million for income tax, including the securities transaction tax (STT). The minor header collection includes an input tax of ₹1.17 million, a withholding tax of ₹2.72 million, a self-assessment tax of ₹18,128 crore, a periodic assessment tax of ₹9,977 crore and taxes from other subordinate clauses ₹2,607 crore.
For the April-June period of FY2024, advance tax collection to date has amounted to ₹1.17 lakh crore compared to ₹1.03 lakh crore for the corresponding period of FY23, representing a growth of 13.7%. Of this, ₹92,784 crore was for corporate income tax, while ₹23,991 crore was for personal income tax. In the Union Budget for FY2023-24, presented by Finance Minister Nirmala Sitharaman on Feb. 1, direct tax collection increased by 10.5% from FY23. According to the budget estimates, FY24 corporate income tax is expected to be ₹9.23 lakh crore, while FY24 levied personal income tax is expected to be ₹9.01 lakh crore.
To date in FY24 refunds of ₹39,578 crore have been granted, an increase of 30.13% compared to ₹30,414 crore in the corresponding period of FY23.
In FY23 direct tax revenue increased by 17.63% to a whopping ₹16.61 lakh crore compared to ₹14.12 lakh crore in the previous FY20. Direct tax collection was 0.69% and 16.97% higher than the revised estimates and budget estimates of the 2022-23 Union budget respectively. In FY23, preliminary gross corporate income tax revenue was ₹10.04 lakh crore, up 16.91% from gross corporate income tax revenue of ₹8.59 lakh crore in the previous year.
Gross income tax revenue (including securities transaction tax) was ₹9.60 lakh crore in FY23, a 24.23% growth from ₹7.73 lakh crore in the same period last year.
Notably, in her speech on the union budget, Sitharaman increased the income tax refund under the new tax system from the previous ₹5 lakh to ₹7 lakh. The overhaul of the new tax system is expected to put more money in the hands of salaried taxpayers and give a big boost to consumption.
