Direct tax collections exceed estimates in FY24; jump 18% to ₹19.58 lakh crore
The Hindu
New Delhi's net direct tax collections for FY24 surged by 17.7%, surpassing estimates by a wide margin.
India’s net direct tax collections surged by a massive 17.7% year-on-year to ₹19.58 crore in the fiscal year ended March 2024, surpassing even revised estimates by a wide margin, the tax department said on Sunday.
Net collections of income and corporate taxes, which make up for most of the direct taxes, in 2023-24 financial year exceeded the Budget estimates by ₹1.35 lakh crore (7.40%) and the revised estimates by ₹13,000 crore.
The government had raised the target for direct tax collection in FY24 (April 2023 to March 2024) to ₹19.45 lakh crore in the interim Budget presented on February 1.
With this, the gross tax collection target as per the revised estimate stood at ₹34.37 lakh crore for FY24.
While gross direct tax collections (provisional) for the FY 2023-24 rose 18.48% to ₹23.37 lakh crore, net proceeds (after accounting for refunds) surged 17.7% to ₹19.58 lakh crore, reflecting buoyancy in the economy and rise in income levels of individuals and corporates.
Refunds aggregating to ₹3.79 lakh crore have been issued in FY 2023-24, the CBDT said in a statement.
“The provisional figures of Direct Tax collections for the financial year (FY) 2023-24 show that net collections are at ₹19.58 lakh crore, compared to ₹16.64 lakh crore in the preceding financial year i.e. FY 2022-23,” it said, adding the Budget for 2023-24 fiscal had pegged the collections for the year at ₹18.23 lakh crore, which were revised to ₹19.45 lakh crore later.
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