NET DIRECT TAX COLLECTIONS EXCEED 2023-24 TARGET

April 22, 2024

India’s net direct tax collections grew 7% in 2023-24 to hit ₹19.58 lakh crore, marginally surpassing the revised estimates for the year, thanks to a surge in personal income tax whose share of the tax kitty rose to 53.3% from 50.06% in the previous year while corporate taxes’ contribution dipped to 46.5% from 49.6%.
PIT and STT receipts also grew at almost double the pace of corporate taxes last year.
In the beginning of March, net direct taxes had risen 88% to ₹18.9 lakh crore, with PIT and STT accounting for 51.4% of the receipts and corporate tax yielding ₹9.14 lakh crore.
By the end of march, PIT and STT inflows had increased by ₹73,000 crores, lifting their full-year tally to ₹10.44 lakh crore.
Although gross corporate tax collections increased from ₹10.98 lakh crore as of March 17 to ₹11.32 lakh crore by the close of the financial year, the net tax receipts from corporates, calculated after adjusting for refunds, dropped from ₹9.14 lakh crore on March 17 to ₹9.11 lakh crore.
The gross direct tax kitty for 2023-24 stood at ₹23.37 lakh crore, reflecting a growth of 18.5% over the ₹19.72 lakh crore tally in 2022-23.