Direct Tax Collections Surge By 18.74% In Financial Year 2023-24

The provisional figures of Direct Tax collections for the Financial Year 2023-24 (as of 17th March 2024) indicate a significant rise compared to the previous fiscal year. According to reports, net collections have reached Rs. 18,90,259 crore, marking a substantial increase of 19.88% from the corresponding period in FY 2022-23, which stood at Rs. 15,76,776 crore.

This surge includes Corporation Tax (CIT) amounting to 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).

Moreover, the provisional figures of Gross collection of Direct Taxes for FY 2023-24 reveal a total of Rs. 22,27,067 crore before adjusting for refunds. This represents a substantial growth of 18.74% over the collections of FY 2022-23, which stood at Rs. 18,75,535 crore. The Gross collection includes CIT at Rs. 10,98,183 crore and PIT including STT at Rs. 11,25,228 crore.

Additionally, minor headwise collections comprise 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.

The figures also highlight a notable increase in Advance Tax collections for FY 2023-24, which amount to Rs. 9,11,534 crore compared to Rs. 7,45,246 crore in the corresponding period of the previous fiscal year, showing a growth of 22.31%.

Furthermore, refunds totaling Rs. 3,36,808 crore have been issued in FY 2023-24, compared to Rs. 2,98,758 crore issued in FY 2022-23, marking an increase of 12.74% over the refunds issued during the same period in the preceding fiscal year.

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