Direct tax collections at Rs 4.75 lakh crore, up 15.87% so far in FY24

In the Union Budget for 2023-24, presented by Finance Minister Nirmala Sitharaman on February 1, direct tax collections were seen rising 10.5 percent from 2022-23.

The Union government has collected Rs 4.75 lakh crore in direct taxes in the first quarter of 2023-24, the Finance Ministry said on July 9.

As per the ministry, as on July 9, the direct tax collected was 15.87 percent higher compared to the same period last financial year. This collection is 26.05 percent of the total budget estimates of direct taxes for FY 2023-24.

Refunds amounting to Rs. 42,000 crore have been issued during April 1 to July 9, which are 2.55 percent higher than refunds issued during the same period in the preceding year, the ministry said.

The overall rate of growth is faster than what the government had anticipated. In the Union Budget for 2023-24, presented by Finance Minister Nirmala Sitharaman on February 1, direct tax collections were seen rising 10.5 percent from 2022-23.

The gross direct tax collections up to July 9, 2023, continue to register steady growth at Rs. 5.17 lakh crore which is 14.65 percent higher than the gross collections for the corresponding period of last year.

The budget estimated the corporate tax mop-up would rise 10.5 percent to Rs 9.23 lakh crore, while personal income tax collections would increase similarly to Rs 9.01 lakh crore.