Direct Tax Collections: In the financial year 2023-24, till December 17, 2023, there has been a jump of 20.66 percent in the direct tax collection as compared to the same period. Direct tax collection has been Rs 13,70,388 crore which was Rs 11,35,754 crore during the same period last year. This means that compared to last year, there has been a jump of Rs 2.35 lakh crore in direct tax collection so far.
Finance Ministry has released data regarding direct tax collection. According to this data, the net direct tax collection has been Rs 13,70,388 crore, which includes Corporate Tax (CIT) Rs 6,94,798 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) has been Rs 6,72,962 crore. This data is after the refunds issued to the taxpayers.
👉 Gross Direct #Tax collections for FY 2023-24 register a growth of 17.01%⁰⁰👉 Net Direct #Tax collections for FY 2023-24 grow at over 20.66%⁰⁰👉 Advance #Tax collections for the FY 2023-24 stand at ₹6,25,249 crore which shows a growth of 19.94%⁰⁰👉 Refunds aggregating to… pic.twitter.com/1T0Oco8cJI
— Ministry of Finance (@FinMinIndia) December 18, 2023
Adding refunds, the gross collection of direct tax during the financial year 2023-24 has been Rs 15,95,639 crore which was Rs 13,63,649 crore during the same period of the last financial year. There has been an increase of 17.01 percent in gross direct tax collection in 2023-24 as compared to financial year 2022-23. The gross direct tax collection of Rs 15,95,639 crore includes personal income tax including corporate tax of Rs 7,90,049 crore and STT of Rs 8,02,902 crore.
In the total gross direct collection, advance tax is Rs 6,25,249 crore, TDS is Rs 7,70,606 crore, self assessment tax is Rs 1,48,677 crore, regular assessment tax is Rs 36,651 crore and tax from other items is Rs 14,455 crore. While Rs 6,25,249 crore advance tax has been received in the current financial year, last year the advance tax was Rs 5,21,302 crore.
Income Tax Department has issued refund of Rs 2.25,251 crore to taxpayers till December 17, 2023 in the financial year 2023-24.
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