Net direct tax collections for FY 2023-24 grow at over 19.88 p.c.

NEW DELHI — The provisional figures of direct tax collections for the Financial Year 2023-24 as on March 17, 2024, show that net collections were at INR 18,90,259 crore as compared to INR 15,76,776 crore in the corresponding period of the preceding financial year (FY 2022-23, representing an increase of 19.88 per cent, the Income Tax Department said.

The net direct tax collection of INR 18,90,259 crore as on March 17, 2024, includes Corporation Tax (CIT) at INR 9,14,469 crore (net of refund) and Personal Income Tax (PIT), including Securities Transaction Tax (STT) at INR 9,72,224 crore (net of refund).

The provisional figures of gross collection of direct taxes (before adjusting for refunds) for FY 2023-24 stand at INR 22,27,067 crore compared to INR 18,75,535 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 gross collection of INR 22,27,067 crore includes CIT at INR 10,98,183 crore and PIT, including STT at INR 11,25,228 crore. Minor head wise collection comprises Advance Tax of INR 9,11,534 crore; Tax Deducted at Source of INR 10,44,511 crore; Self-Assessment Tax of INR 1,73,296 crore; Regular Assessment Tax of INR 73,548 crore; and Tax under other minor heads of INR 24,177 crore.

Provisional figures of total Advance Tax collections for FY 2023-24 as on March 17, 2024, stand at INR 9,11,534 crore, against Advance Tax collections of INR 7,45,246 crore for the corresponding period of the immediately preceding Financial Year (i.e. FY 2022-23), showing a growth of 22.31 per cent. The Advance Tax collection of Rs 9,11,534 crore comprises Corporation Tax (CIT) at INR 6,72,899 crore and PIT at INR 2,38,628 crore.

Refunds amounting to INR 3,36,808 crore have also been issued in the FY 2023-24 till March 17, 2024, as compared to refunds of INR 2,98,758 crore issued in FY 2022-23, marking an increase of 12.74 per cent over the refunds issued during the same period in the preceding year.