Official fiscal year tax growth rate report from the Government of India

India's Direct Tax Collections Surge 17.7% to Rs 19.58 Lakh Crore, Exceed Budget by Rs 1.35 Lakh Crore

Apr 21, 2024, 10:54 AM

India's net direct tax collections for the fiscal year 2023-24 significantly exceeded expectations, reaching Rs 19.58 lakh crore, a 17.7% increase from the previous year. This figure not only surpassed the revised estimates by Rs 13,000 crore but also exceeded the Union Budget estimates by Rs 1.35 lakh crore, or 7.4%. The surge in collections was attributed to an increase in personal income taxes, which now constitute 53.3% of the total tax collections, up from 50.06% the previous year. Additionally, gross direct tax revenues also saw a substantial rise, increasing by 18.48% to Rs 23.37 lakh crore.