New Delhi, Mar 20 (Mayank Nigam) Indicating an uptick in the overall economic activity, the provisional direct tax collections for the financial year 2023–24 (as of March 17, 2024) show that net collections are at Rs. 18,90,259 crore, compared to Rs. 15,76,776 crore in the corresponding period of the preceding financial year (i.e., FY 2022-23), representing an increase of 19.88 percent, according to data released by the government today. It also clarified that the net direct tax collection of Rs. 18,90,259 crore (as of March 17, 2024) includes corporation tax (CIT) at 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). The government had pegged the collection of net direct tax at Rs 19.45 lakh crore for the fiscal year 2023–24.
As per the provisional figures of the Central Board Direct Taxes (CBDT), the government is inching towards its target with more than 10 days to go in the current financial year. The provisional figures of gross collection of direct taxes (before adjusting for refunds) for the financial year 2023–24 stand at Rs. 22,27,067 crore compared to Rs. 18,75,535 crore in the corresponding period of the preceding financial year, showing a growth of 18.74 percent over the collections of FY 2022–23. The gross collection of Rs. 22,27,067 crore includes Corporation Tax (CIT) at Rs. 10,98,183 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs. 11,25,228 crore. Minor head-wise collection comprises an advance tax of Rs. 9,11,534 crore; a tax deducted at source of Rs. 10,44,511 crore; a self-assessment tax of Rs. 1,73,296 crore; a regular assessment tax of Rs. 73,548 crore; and a tax under other minor heads of Rs. 24,177 crore.
Provisional figures of total advance tax collections for Financial Year 2023–24 (as of March 17, 2024) stand at Rs. 9,11,534 crore, against advance tax collections of Rs. 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 percent. The advance tax collection of Rs. 9,11,534 crore comprises corporation tax (CIT) at Rs. 6,72,899 crore and personal income tax (PIT) at Rs. 2,38,628 crore. Refunds amounting to Rs. 3,36,808 crore have also been issued in FY 2023–24 till March 17, 2024, as compared to refunds of Rs. 2,98,758 crore issued in FY 2022–23, marking an increase of 12.74 percent over the refunds issued during the same period in the preceding year.