India’s net direct tax collections for FY 2023-24 surged 17.7 percent to 19.58 lakh crore rupees compared to 16.64 lakh crore rupees in the previous financial year and surpassed the budget estimate for FY24 by 1.35 lakh crore rupees, or 7.4 percent. The budget estimate for direct tax mop-up for the previous fiscal was fixed at 18.23 lakh crore rupees. It was later revised upwards to 19.45 lakh crore rupees, and the provisional actual collections even exceeded the revised estimate by 13,000 crore rupees, the finance ministry said in a release.

The gross collection of direct taxes (before adjusting for refunds) for 2023–24 also registered a healthy growth of 18.5 percent, to 23.37 lakh crore rupees in FY23.In personal income taxes, gross mop-up stood at 12.01 lakh crore rupees, growing 24.26 percent on-year, while in net terms it grew 25.23 percent to 10.44 lakh crore rupees registered in the preceding year.

The government has issued direct tax refunds of 3.79 lakh crore rupees in 2023-24, which is an increase of 22.74 percent compared to 3.09 lakh crore rupees it issued in 2022-23.