New Delhi: India's fiscal landscape for the Financial Year (FY) 2023-24 surpassed expectations in direct tax collections, exceeding both Union Budget Estimates (BE) and Revised Estimates (RE) by substantial margins.

According to provisional figures released by the Finance Ministry, net direct tax collections for FY 2023-24 stand at Rs 19.58 lakh crore, showcasing an increase of 17.70 percent year on year compared to the preceding fiscal year's collections of Rs 16.64 lakh crore.

The budget estimates set direct tax revenue at Rs 18.23 lakh crore, which was later revised to Rs. 19.45 lakh crore. The provisional net collections have surpassed the BE by 7.40 percent and the RE by 0.67 percent. Gross direct tax collections for FY 2023-24 reached Rs. 23.37 lakh crore, depicting a substantial growth of 18.48 percent year on year from Rs 19.72 lakh crore in FY 2022-23.

Breaking down the figures, the gross corporate tax collection for FY 2023-24 stands at Rs 11.32 lakh crore, reflecting a growth of 13.06 percent over the previous year. Meanwhile, the net corporate tax collection for the same period is at Rs. 9.11 lakh crore, indicating a growth of 10.26 percent.

On the individual front, the gross personal income tax collection (including securities transaction tax  or STT) surged to Rs. 12.01 lakh crore, marking an impressive growth of 24.26 percent year on year. The net personal income tax collection (including STT) reached Rs 10.44 lakh crore, showing a growth of 25.23 percent over the previous fiscal year.

A significant aspect of the fiscal year's performance is the issuance of refunds amounting to Rs 3.79 lakh crore, reflecting an increase of 22.74 percent compared to FY 2022-23.

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