The central government has successfully met its tax collection target of over ₹34.37 lakh crore for the fiscal year 2023-24 (FY24), driven by robust economic activity and enhanced compliance, as per a report by PTI.
In the revised estimates (RE) presented in Parliament on February 1, 2024, the government had increased the target for direct tax collection to ₹19.45 lakh crore, while for indirect taxes (GST, Customs, Excise), the target was lowered to ₹14.84 lakh crore.
Net direct tax collection surged by 19.88 per cent to over ₹18.90 lakh crore as of March 17, primarily attributed to higher advance tax collections.
The Central Board of Direct Taxes (CBDT) reported net direct tax collection of ₹18,90,259 crore (as of March 17), comprising corporation tax (CIT) at ₹9,14,469 crore and personal income tax (PIT) including securities transaction tax (STT) at ₹9,72,224 crore.
Advance tax collections for FY23-24 reached ₹9.11 lakh crore as of March 17, indicating a growth of 22.31 per cent over the previous fiscal. This includes CIT at ₹6.73 lakh crore and PIT at ₹2.39 lakh crore.
Additionally, refunds totaling approximately ₹3.37 lakh crore have been issued in the current fiscal year till March 17.
Before adjusting for refunds, the gross direct tax collection stood at ₹22.27 lakh crore, marking an 18.74 per cent increase compared to the same period last year.
The provisional figures released by the CBDT highlight a significant rise in net collections, reaching ₹18,90,259 crore, compared to ₹15,76,776 crore during the corresponding period of the previous fiscal year (FY 2022-23).
During the last fiscal, GST collections witnessed a notable uptick, reaching a record high of ₹1.87 lakh crore in April 2023. In March, gross GST collection saw an 11.5 per cent year-on-year increase, totaling ₹1.78 lakh crore.
The revised estimate sets the gross tax collection target at ₹34.37 lakh crore for FY24.
