India’s gross direct tax collections for the fiscal year 2023–24 have exhibited a robust increase of 17.59%, reaching ₹12.37 lakh crore as of November 9, 2023, according to the Income Tax (I-T) Department’s announcement on November 10. This noteworthy surge reflects the nation’s strong economic performance.
Net Direct Tax Collection Highlights
The provisional data released by the government also highlights the impressive growth in net direct tax collections, adjusted for refunds, which has surged to ₹10.60 lakh crore. This represents a substantial uptick of 21.82% over the corresponding period in the previous year. Notably, this amount constitutes 58.15% of the total budget estimates of direct taxes for the financial year 2023–24.
Corporate Income Tax (CIT) Growth
Breaking down the growth rates further, the Corporate Income Tax (CIT) has registered a commendable growth rate of 7.13% in terms of gross revenue collections. This indicates positive momentum in corporate contributions to direct tax revenue.
Key Economic Indicator
The surge in direct tax collections serves as a key economic indicator, reflecting the resilience and expansion of India’s economic landscape. The substantial growth in both gross and net collections underscores the government’s fiscal strength and effective tax management.
In conclusion, India’s direct tax collections for the fiscal year 2023–24 demonstrate robust financial health, with significant contributions from corporate entities. The positive trajectory in tax revenue is indicative of a thriving economic environment.