India’s net direct tax collection grew 17.7% in 2023-24

India’s net direct tax collection grew 17.7% in 2023-24

India’s net direct tax collection for the year of 2023-24 has surpassed the estimated tax collection for the same financial year. The net direct tax collection in 2023-24 stands at ₹19.58 lakh crore with a 17.7% growth from the previous year. The net direct tax collection for the last year was at ₹16.67 lakh crore.

Reasons behind the growth:

The main reason behind this achievement is an increase in the personal income tax section contributing to a share of the tax kitty that grew to 53.3% from 50.06% in the previous financial year. If we talk about corporate tax, it witnessed a little decline as its contribution to the net direct tax collection dipped to 46.5% from 49.6%.

Finance Ministry views:

As per the provisional data which has been recently released by the Finance Ministry, stated that personal income tax and security transaction tax are two main reasons for the positive growth of the net direct tax collection whereas corporate tax shrank a little bit.

Gross direct tax collection:

The gross direct tax collection for the year of 2023-24 witnessed a growth of 18.5% at ₹23.37 lakh crore in comparison to ₹19.72 lakh crore in the last financial year.

Personal income tax and corporate tax collection:

Net personal income tax for the Financial year 2023-24 stood at ₹10.44 lakh crore witnessing a growth of 25.23% whereas the net corporate tax collection for the Financial year 2023-24 stood at ₹9.11 lakh crore witnessing a growth of 10.26% from the last year.

Conclusion:

Tax collection plays a fundamental role in sustaining India’s economic growth, social development, and stability. This positive trend of tax collection in this financial year paves the way for upcoming optimistic outcomes.

Important Questions:

• What is the net direct tax collection for the year 2023-24 in India?
• What are the main reasons behind the growth of tax collection in 2023-24?

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