Economists claim that this reflects growth in the income levels of individuals and corporations.
New Delhi : Record direct tax collection has been reported once again. According to the Centre's statistics, direct tax collection reached a record level in the financial year 2023-24. As per the data upto March 31, 2024 net direct tax collection has increased by 17.7 percent, approximately 18 percent. The direct tax collection in this financial year amounts to more than 9.58 lakh crore rupees. This information has been provided by the Income Tax Department.
Net collection of income and corporate tax, which mainly consists of direct taxes, exceeded the budget estimate by Rs. 1.35 lakh crore (7.40 percent) in FY 2023-24 and revised estimates by Rs. 13,000 crore.
While total direct tax collections (provisional) for FY 2023-24 rose by 18.48 percent to Rs. 23.37 lakh crore, net collection (after accounting for returns) increased by 17.7 percent to Rs. 19.58 lakh crore, thus boosting the economy. Economists claim that this reflects growth in the income levels of individuals and corporations.
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