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FY24 Direct Tax Collections Surpass Estimates, Soar by 18% to Rs 19.58 Lakh Crore
The combined net collections from income and corporate taxes, constituting the bulk of direct taxes, surpassed both the Budget and revised estimates for the 2023-24 financial year by substantial margins. Exceeding the Budget estimates by Rs 1.35 lakh crore (7.40 percent) and the revised estimates by Rs 13,000 crore, this achievement highlights a robust performance in tax revenue.
Remarkable Surge: India's Direct Tax Collections Soar by 160% in a 9-Year Span
Additionally, the direct tax to GDP ratio has increased from 5.62% in 2013-14 to 6.11% in 2022-23. Meanwhile, the cost of tax collection has decreased from 0.57% of the total collection in 2013-14 to 0.51% of the total collection in 2022-23.
Robust Growth: Direct Tax Collections Surge by 18% in the Current Fiscal Year
The net direct tax collection, excluding refunds, stands at Rs. 14.70 lakh crore, marking a substantial 19.41% surge compared to the corresponding period in the previous year. This amount accounts for 80.61% of the total Budget Estimates of Direct Taxes for the financial year 2023-24, according to the statement released by CBDT.
CBDT extends deadline for filing of Form 10B/10BB & Form ITR-7
The due date of furnishing of Return of Income in Form ITR-7 for Assessment Year 2023-24, which is October 31, has been extended to November 30.
Direct tax collections at Rs 8,65,117 cr for 2023-24, rise 23.51%
The net direct tax collections of Rs 8,65,117 crore include corporate tax at Rs 4,16,217 crore (net of refund) and personal income tax (PIT), including securities transaction tax (STT), at Rs 4,47,291 crore (net of refund).
Net direct tax collections stand at Rs 5.84 lakh crore, 17% higher than last fiscal
The collections are 32.03 per cent of the total budget estimates of direct taxes for 2023-24
Direct tax collections rise 15% to Rs 5.17 lakh crore in 2023-24
Direct tax collection, net of refunds, stood at Rs. 4.75 lakh crore which was 15.87 per cent higher than the net collections for the corresponding period of last year. This collection is 26.05 per cent of the total budget estimates of direct taxes for 2023-24.
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