❖ The Financial Year (FY) 2023-24 has seen a significant increase in the Direct Tax collections, with provisional figures showing net collections at ₹19.58 lakh crore.

❖ This represents a 17.70% increase from the ₹16.64 lakh crore collected in FY 2022-23.

❖ The Union Budget had initially estimated Direct Tax revenue for FY 2023-24 at ₹18.23 lakh crore.

❖ However, this was later revised to ₹19.45 lakh crore.

❖ The provisional Direct Tax collections have exceeded these Revised Estimates by 0.67%, and the original Budget Estimates by 7.40%.

❖ Before adjusting for refunds, the Gross collection of Direct Taxes for FY 2023-24 stands at ₹23.37 lakh crore.

❖ It is marking an 18.48% growth from the ₹19.72 lakh crore collected in FY 2022- 23.

❖ The Gross Personal Income Tax collection (including STT) for FY 2023-24 is ₹12.01 lakh crore.

❖ This is a 24.26% increase from the previous year’s ₹9.67 lakh crore.