India's net direct tax collections surge by 17.7% in FY 2023-24, exceeding budget estimates

India's net direct tax collections for FY 2023-24 saw a 17.7% rise to Rs 19.58 lakh crore, surpassing Union Budget estimates by 7.4%. This increase reflects strong economic performance and robust corporate profits, aiding in maintaining a low fiscal deficit and macroeconomic stability.

Tax

The net direct tax collections for the financial year 2023-24 have clocked a double-digit growth to exceed the Union Budget Estimates (BE) by Rs 1.35 lakh crore or 7.4 per cent reflecting the strong fiscal position of the country driven by robust economic growth, data released by the Central Board of Direct Taxes (CBDT) on Sunday showed.

The net direct tax collections, comprising corporate tax and personal income tax shot up to Rs 19.58 lakh crore in 2023-24, compared to Rs 16.64 lakh crore in the preceding financial year, representing a double-digit increase of 17.7 per cent.