Direct Tax Collection: Due to increase in advance tax collection, the net direct tax collection has increased by 19.88 percent to more than Rs 18.90 lakh crore till March 17 in the current financial year (2023-24). The Central Board of Direct Taxes (CBDT) said in a statement that the total direct tax collection till March 17 has been Rs 18,90,259 crore, which includes Rs 9,14,469 crore of corporate tax and individual income tax and Rs 9,72,224 crore of securities transaction tax (CBDT). STT) is also included.
22.31 percent more advance tax collection than the same period of the last financial year
Advance tax collection till March 17, 2024 stood at Rs 9.11 lakh crore, which is 22.31 percent more than the same period of the last financial year. Rs 6.73 lakh crore has been received as advance tax from companies while the contribution of individual income taxpayers is Rs 2.39 lakh crore. Meanwhile, refunds worth about Rs 3.37 lakh crore have also been issued till March 17 in the current financial year.
Total direct tax collection is 18.74 percent more
The total direct tax collection before refund adjustment on gross basis comes to Rs 22.27 lakh crore. This is 18.74 percent more than the same period a year ago.
Tax collection has been more than the estimated figure of the government
CBDT said that the provisional data of direct tax collection till March 17 in the financial year 2023-24 shows that the net tax collection is Rs 18,90,259 crore whereas in the same period of the last financial year it was Rs 15,76,776 crore. This is 19.88 percent more than the financial year 2022-23. In the revised estimate of direct tax collection, the government had expected the receipts for the entire financial year to be Rs 19.45 lakh crore.
What do experts say
On the figures of increase in direct tax collection, Sumit Singhania, partner at Deloitte India, said that the increase of about 20 percent in tax revenue shows the steady pace of reforms made in the tax policy throughout the year. Sumit Singhania also said that the increase in advance tax collection shows increasing voluntary compliance among different categories of taxpayers.
Read this also
Great time for India's toy industry, exports increased by 239 percent while imports decreased
Get more latest business news updates