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
India s FY 2023-24 net direct tax collections of ₹19.58 lakh crore exceeded estimates, aiding fiscal deficit target achievement. Corporate and personal income tax growth contributed to the positive outcome.
Vice President Jagdeep Dhankhar has called for an increase in the number of taxpayers, emphasizing that it should be achieved through counseling rather than invasive actions. He highlighted the positive impact of citizen-centric initiatives on people s confidence in tax administration. Dhankhar noted a three-fold rise in direct tax collections and a nearly two-and-a-half times increase in the number of individuals filing income tax returns over the last decade
The interim budget’s projections for FY25 are rather modest. It expects direct tax collections to grow 13.1%, which is more or less the same as the pre-covid trend