Net Direct Tax Collections for FY23-24 Grow at Over 19.88% to Rs18.90 Lakh Crore
The provisional figures of direct tax collections for FY23-24 as on 17 March 2024, show that net collections were at Rs18,90,259 crore as compared to Rs15,76,776 crore in the corresponding period of the preceding financial year (FY22-23, representing an increase of 19.88 per cent, the Income Tax Department said.
The net direct tax collection of Rs18,90,259 crore as on 17 March 2024, includes Corporation Tax (CIT) at Rs9,14,469 crore (net of refund) and personal income tax (PIT), including securities transaction tax (STT) at Rs9,72,224 crore (net of refund).
The provisional figures of gross collection of direct taxes (before adjusting for refunds) for FY 2023-24 stand at Rs22,27,067 crore compared to Rs18,75,535 crore in the corresponding period of the preceding financial year, showing a growth of 18.74% over the collections of FY22-23.
The gross collection of Rs22,27,067 crore includes CIT at Rs 10,98,183 crore and PIT, including STT at Rs11,25,228 crore. Minor head wise collection comprises Advance Tax of Rs9,11,534 crore; Tax Deducted at Source of Rs10,44,511 crore; Self-Assessment Tax of Rs1,73,296 crore; Regular Assessment Tax of Rs73,548 crore; and Tax under other minor heads of Rs24,177 crore.
Provisional figures of total Advance Tax collections for FY23-24 as on 17 March 2024, stand at Rs9,11,534 crore, against Advance Tax collections of Rs7,45,246 crore for the corresponding period of the immediately preceding Financial Year (i.e. FY22-23), showing a growth of 22.31%. The Advance Tax collection of Rs9,11,534 crore comprises Corporation Tax (CIT) at Rs6,72,899 crore and PIT at Rs2,38,628 crore.
Refunds amounting to Rs3,36,808 crore have also been issued in the FY23-24 till 17 March 2024, as compared to refunds of Rs2,98,758 crore issued in FY22-23, marking an increase of 12.74% over the refunds issued during the same period in the preceding year.
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