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India's direct tax collection grows 20 percent
The year saw an increase of 19.88 percent in net direct tax collections in India
The net direct tax collection stood at US$226.83 billion for the financial year 2023-24 / Canva
India’s Income Tax Department released the provisional figures of direct tax collections for the financial year (FY) 2023-24, showcasing an increase compared to the previous fiscal year. The net direct tax collections soared to a whopping US$226.83 billion as of Mar. 17, 2024, witnessing a surge of 19.88 percent from the corresponding period of the previous financial year.
Breaking down the figures, Corporation Tax (CIT) contributed US$11.08 billion, while Personal Income Tax (PIT) stood at US$11.66 billion, including Securities Transaction Tax (STT), as per a statement issued by Surabhi Ahluwalia, PR commissioner of Income Tax and official spokesperson, on behalf of the Ministry of Finance.
The gross collection of direct taxes, before adjustments for refunds, stood at US$266.72 billion for FY 2023-24, reflecting an 18.74 percent increase from the previous fiscal year.
Minor head-wise collections revealed advance tax amounting to US$109.38 billion, tax deducted at source reaching US$125.34 billion, and self-assessment tax at US$2.08 billion, among others. These constituted the tax revenues.
Notably, advance tax collections for FY 2023-24 surged to US$109.38 billion, representing a growth of 22.31 percent from the preceding fiscal year. This indicated the proactive taxpaying culture among individuals and corporations.
Additionally, refunds totaling US$4.04 billion were issued in FY 2023-24, marking a substantial increase of 12.74 percent from the previous fiscal year.
Among the two types of taxes in India, direct tax includes income tax, gift tax, etc, while indirect tax includes value-added tax, service tax, customs duty, etc. The tax structure is then bifurcated into areas of jurisdiction, with central and state-level divisions in tax collection.
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