Net direct tax collections up 20.66% at Rs13,70,388 crore

Net direct tax collections so far during the financial year 2023-24 (as of 17 December 2023) stood at Rs13,70,388 crore, against Rs11,35,754 crore in the corresponding period of the previous financial year (2022-23)  showing an increase of 20.66 per cent.

The provisional figures of Rs13,70,388 crore, released by the finance ministry, includes Rs6,94,798 crore of corporate income tax (net of refund) and Rs6,72,962 crore (net of refund) of personal income tax (including securities transaction tax)..

Provisional estimates of gross direct tax collection (before adjusting for refunds) for FY2023-24 stand at Rs15,95,639 crore, against Rs13,63,649 crore in the corresponding period of the previous financial year, showing a growth of 17.01 per cent year-on-year.

This includes Rs7,90,049 crore of corporate income tax and  Rs8,02,902 crore of personal income tax (including securities transaction tax).This in turn, includes, advance tax of Rs6,25,249 crore, tax deducted at source of Rs7,70,606 crore, self-assessment tax of Rs1,48,677 crore, regular assessment tax of Rs36,651 crore and tax under other minor heads of Rs14,455 crore.

Provisional figures of total advance tax collections for FY2023-24 (as of 17 December.2023) stand at Rs6,25,249 crore, against Rs5,21,302 crore during the corresponding period of the  previous financial year (FY2022-23), showing a growth of 19.94 per cent. The advance tax collection of Rs6,25,249 crore comprises corporate income tax of Rs4,81,840 crore and personal income tax of Rs1,43,404 crore.

Refunds amounting to Rs2,25,251 crore have also been issued in the FY2023-24 till 17 December 2023, according to the release.