Income Tax News: India’s Net Direct Tax Collections Surpass Estimates in FY 2023-24, Check Details

Income Tax News

Income Tax News: India’s government has much to celebrate when it comes to direct tax collection for the financial year 2023-24. Not only did collections surpass expectations, but they also grew significantly compared to the previous year. Let’s delve deeper into the details.

Net Collections Outperform Estimates

Net direct tax collections for FY 2023-24 reached a healthy Rs. 19.58 lakh crore, exceeding the initial budget estimate of Rs. 18.23 lakh crore by a notable 7.40%. Even the revised estimate of Rs. 19.45 lakh crore was surpassed by a margin of 0.67%. This robust performance indicates a positive economic climate and improved tax compliance.

Direct Tax Collections See Significant Rise

Overall, direct tax collections (including refunds) witnessed a growth of 17.70% compared to FY 2022-23. This growth reflects a well-functioning tax system and potentially increased income levels across individuals and corporations.

Corporate and Personal Income Tax Performance

Refunds on the Rise

The Indian government issued Rs. 3.79 lakh crore in tax refunds during FY 2023-24, reflecting a 22.74% increase compared to the previous year. This indicates continued efforts to streamline the tax system and facilitate faster processing of refunds.

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