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New Delhi: Reflecting buoyancy in the economy and rise in income levels of both individuals and corporates, India's net direct tax mop-up has surged by 17.7 per cent year-on-year to Rs 19.58 crore after accounting for refunds in the fiscal year ended March 2024. The provisional actual collections on net direct tax also exceeded the revised estimates by Rs 13,000 crore. At the same time, the gross direct tax collections for the FY24 rose 18.48 per cent to Rs 23.37 lakh crore, the data released by finance ministry showed on Sunday.
As per the data, the ministry also showed that the corporate tax collection for 2023-24 in gross terms is at Rs 11.32 lakh crore, 13.06 percent higher versus the preceding year, in net mop-up terms it came in at Rs 9.11 lakh crore, up 10.26 percent on a year-on-year basis. "In personal income taxes, gross mop-up stood at Rs 12.01 lakh crore, growing 24.26 percent on-year, while in net terms it grew 25.23 percent to Rs 10.44 lakh crore registered in the preceding year," it said in the statement.
"The gross personal income tax collection (including STT) (provisional) in FY 2023-24i s at Rs 12.01 lakh crore and has shown a growth of 24.26 per cent over the gross personal income tax collection (including STT) of Rs 9.67 lakh crore of the preceding year. The net personal income tax collection (including STT) (provisional) in FY 2023-24i s at Rs 10.44 lakh crore and has shown a growth of 25.23 per cent over the net personal income tax collection (including STT) of Rs. 8.33 lakh crore of the preceding year," it said.
The government has also issued direct tax refunds of Rs 3.79 lakh crore in 2023-24, which is an increase of 22.74 percent compared to Rs 3.09 lakh crore it issued in 2023-24. With the significant improvement on tax collections, it helps the government meets its fiscal deficit target for a particular year. However, the Centre lowered its fiscal deficit target for FY24 to 5.8 percent from 5.9 percent earlier, while for the current fiscal it has been set at 5.1 percent.
( Source : Deccan Chronicle )
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