Gross Direct Tax collections for Financial Year (FY) 2023-24 register a growth of 18.74%
Net Direct Tax collections for the FY 2023-24 grow at over 19.88%
Advance Tax collections for the FY 2023-24 stand at Rs. 9,11,534 crore which shows a growth of 22.31%
Refunds aggregating to Rs. 3,36,808 crore issued in the current fiscal
Delhi: As of March 17, 2024, the provisional figures for Direct Tax collections in the Financial Year 2023-24 reveal that the Net collections amount to Rs. 18,90,259 crore. This is a significant increase of 19.88% compared to the corresponding period in the previous Financial Year (FY 2022-23), which had collections of Rs. 15,76,776 crore.
Breaking down the Net Direct Tax collection, we find that it includes Corporation Tax (CIT) at Rs. 9,14,469 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs. 9,72,224 crore (net of refund).
Moving on to the Gross collection of Direct Taxes (before adjusting for refunds), the figures for the Financial Year 2023-24 stand at Rs. 22,27,067 crore. This represents a growth of 18.74% compared to the collections of Rs. 18,75,535 crore in the corresponding period of the previous financial year (FY 2022-23).
The Gross collection of Rs. 22,27,067 crore includes Corporation Tax (CIT) at Rs. 10,98,183 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs. 11,25,228 crore. Additionally, the minor head wise collection comprises Advance Tax of Rs. 9,11,534 crore; Tax Deducted at Source of Rs. 10,44,511 crore; Self-Assessment Tax of Rs. 1,73,296 crore; Regular Assessment Tax of Rs. 73,548 crore; and Tax under other minor heads of Rs. 24,177 crore.
Looking at the total Advance Tax collections for the Financial Year 2023-24, they amount to Rs. 9,11,534 crore as of March 17, 2024. This shows a growth of 22.31% compared to the collections of Rs. 7,45,246 crore during the same period in the immediately preceding Financial Year (FY 2022-23). The Advance Tax collection of Rs. 9,11,534 crore comprises Corporation Tax (CIT) at Rs. 6,72,899 crore and Personal Income Tax (PIT) at Rs. 2,38,628 crore.
Lastly, refunds totalling Rs. 3,36,808 crore have
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