India's Direct Tax Collection Up 11.18 Per Cent To Rs 3.8 Lakh Crore In FY24 So Far

The figures of direct tax collections for the Financial Year 2023-24, as on 17 June show that net collections are at Rs 3,79,760 crore, compared to Rs 3,41,568 crore in the corresponding period of the FY 2022-23, representing an increase of 11.18 per cent

The net direct tax collection of Rs 3,79,760 crore (as on 17 June) include corporation tax (CIT) at Rs 1,56,949 crore (net of refund) and personal income tax (PIT) including securities transaction tax (STT) at Rs 2,22,196 crore (net of refund), the Union Finance Ministry said in a statement on Sunday (18 June).

The gross collection of direct taxes (before adjusting for refunds) for the FY 2023-24 stands at Rs 4,19,338 crore as compared to Rs 3,71,982 crore in the corresponding period of the preceding financial year, registering a growth of 12.73 per cent over collections of FY 2022-23, the ministry said.

The gross direct tax collection of Rs 4,19,338 crore includes corporation tax (CIT) at Rs 1,87,311 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs 2,31,391 crore.

Minor head wise collection comprises advance tax of Rs 1,16,776 crore; tax deducted at source of Rs 2,71,849 crore; self-assessment tax of Rs 18,128 crore; regular assessment tax of Rs 9,977 crore; and tax under other minor heads of Rs 2,607 crore.

The Advance Tax collections for the first quarter of the FY 2023-24 stand at Rs. 1,16,776 crore as on 17 June, against advance tax collections of Rs 1,02,707 crore for the corresponding period of the immediately preceding Financial Year i.e. 2022-23, showing a growth of 13.70 per cent, the ministry said.

The Advance Tax collection of Rs 1,16,776 crore as on 17 June comprises corporation tax (CIT) at Rs 92,784 crore and personal income tax (PIT) at Rs 23,991 crore.

Further, refunds amounting to Rs 39,578 crore have also been issued in the FY 2023-24 till 17 June, as against refunds of Rs 30,414 crore issued during the corresponding period in the preceding Financial Year 2022-23, showing a growth of 30.13 per cent.