India's Direct Tax Collection Surges By Nearly 20 Per Cent To Rs 18.9 Lakh Crore

The Union Finance Ministry on Tuesday (19 March) said that the gross direct tax collections in financial year 2023-24 (as on 17 March) grew by over 18 per cent to Rs 22.27 lakh crore.

"The provisional figures of Gross collection of Direct Taxes (before adjusting for refunds) for the Financial Year 2023-24 stand at Rs 22,27,067 crore compared to Rs18,75,535 crore in the corresponding period of the preceding financial year, showing a growth of 18.74 per cent over the collections of FY 2022-23," the ministry said in a statement.

Meanwhile, the net direct tax collections for FY24 (as on 17 March) stand at Rs 18,90,259 crore, compared to Rs 15,76,776 crore in the corresponding period of the FY23, showing an increase of 19.88 per cent.

The Net Direct Tax collection of Rs 18.9 lakh crore 18,90,259 crore includes Corporation Tax (CIT) at Rs 9.14 lakh crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs 9.72 lakh crore (net of refund).

Refunds amounting to Rs 3,36,808 crore have been issued in the current financial year (2023-24, up to 17 March), as compared to refunds of Rs 2,98,758 crore issued in 2022-23, marking an increase of 12.74 per cent over the refunds issued during the same period in the preceding year, it said.

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