Direct tax collection for FY24 surpassed revised estimates (RE) by Rs 13,000 crore, totaling Rs 19.58 trillion, driven by personal income tax, but corporation tax fell short by Rs 12,000 crore at Rs 9.11 trillion. Personal income tax collection exceeded RE by 2.1%, reaching Rs 10.44 trillion, while corporation tax growth lagged at 10.3% compared to the estimated 11.7%. CBDT didn’t explain the lower corporation tax collection. Despite this, total direct tax collection grew by 17.7%. Gross personal income tax rose by 24.3%, and gross corporation tax by 13.06%. With indirect tax collection also surpassing RE, total tax revenue for FY24 is expected to exceed estimates.
Tax Collection Exceeds Projections, Yet Corporate Revenue Falls Short
![](https://affairsace-media.s3.ap-south-1.amazonaws.com/2024/04/22094459/1713720545-1245-ezgif.com-avif-to-jpg-converter.jpg)