India’s Gross Direct Tax collections for FY 2023-24 increase by 12.73% and Net Direct Tax collections grow by 11.18% as compared to last financial year.
DESK – The Direct Tax collections figures for the Financial Year (FY) 2023-24, as of June 17, 2023, reveal that net collections stand at Rs. 3,79,760 crore. This amount showcases an increase of 11.18% compared to Rs. 3,41,568 crore during the same period in the preceding FY 2022-23.
Direct Tax Collections Overview
The Net Direct Tax collection of Rs. 3,79,760 crore (as of June 17, 2023) comprises 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).
Gross Collection of Direct Taxes
The Gross collection of Direct Taxes (before adjusting for refunds) for FY 2023-24 stands at Rs. 4,19,338 crore. When compared to Rs. 3,71,982 crore during the same period of the previous financial year, it registers a growth of 12.73%. This Gross collection 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.
Advance Tax Collections and Breakdown
Advance Tax collections for the first quarter of FY 2023-24 are Rs. 1,16,776 crore as of June 17, 2023. This collection marks a 13.70% growth against Advance Tax collections of Rs. 1,02,707 crore for the corresponding period of the immediately preceding FY 2022-23. The Advance Tax collection comprises Corporation Tax (CIT) at Rs. 92,784 crore and Personal Income Tax (PIT) at Rs. 23,991 crore.
Refunds Issued
Refunds amounting to Rs. 39,578 crore have been issued in the FY 2023-24 until June 17, 2023. These figures show a growth of 30.13% when compared to refunds of Rs. 30,414 crore issued during the corresponding period in the preceding FY 2022-23.
