Gross Direct Tax collections for FY 2023-24 register a growth
Gross Direct Tax collections for FY 2023-24 register a growth of 17.01%
Net Direct Tax collections for FY 2023-24 grow at over 20.66%
Advance Tax collections for the FY 2023-24 stand at Rs. 6,25,249 crore which shows a growth of 19.94%
Refunds aggregating to Rs. 2,25,251 crore issued in the current fiscal
Posted On: 18 DEC 2023 6:50PM by PIB Delhi
The provisional figures of Direct Tax collections for the Financial Year 2023-24 (as on 17.12.2023) show that net collections are at Rs. 13,70,388 crore, compared to Rs. 11,35,754 crore in the corresponding period of the FY 2022-23, representing an increase of 20.66%.
The Net Direct Tax collection of Rs. 13,70,388 crore (as on 17.12.2023) includes Corporation Tax (CIT) at Rs. 6,94,798 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs. 6,72,962 crore (net of refund).
The provisional figures of Gross collection of Direct Taxes (before adjusting for refunds) for the FY 2023-24 stand at Rs. 15,95,639 crore, compared to Rs. 13,63,649 crore in the corresponding period of the preceding financial year, showing a growth of 17.01% over the collections of FY 2022-23.
The Gross collection of Rs. 15,95,639 crore includes Corporation Tax (CIT) at Rs. 7,90,049 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs. 8,02,902 crore. Minor head wise collection comprises Advance Tax of Rs. 6,25,249 crore; Tax Deducted at Source of Rs. 7,70,606 crore; Self-Assessment Tax of Rs. 1,48,677 crore; Regular Assessment Tax of Rs. 36,651 crore; and Tax under other minor heads of Rs. 14,455 crore.
Provisional figures of total Advance Tax collections for FY 2023-24 (as on 17.12.2023) stand at Rs. 6,25,249 crore, against Advance Tax collections of Rs. 5,21,302 crore for the corresponding period of the immediately preceding Financial Year (i.e. FY 2022-23), showing a growth of 19.94%. The Advance Tax collection of Rs. 6,25,249 crore comprises Corporation Tax (CIT) at Rs. 4,81,840 crore and Personal Income Tax (PIT) at Rs. 1,43,404 crore.
Refunds amounting to Rs. 2,25,251 crore have also been issued in the FY 2023-24 till 17.12.2023.
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