New Delhi, June 18 (Mayank Nigam) The Centre’s net direct tax collections rose 11.18% year-on-year in the current financial year till June 17 to Rs 3,79,760 crore as compared to Rs 3,41,568 crore in the corresponding period of the previous financial year, data released by Finance Ministry showed on Sunday. The net direct tax collection of Rs 3,79,760 crore includes corporation tax (CIT) at Rs 1,56,949 crore (net of refund) and personal income tax (PIT) including securities transaction tax (STT) at Rs 2,22,196 crore (net of refund). “The gross collection of direct taxes (before adjusting for refunds) for the FY 2023-24 stands at Rs 4,19,338 crore as compared to Rs 3,71,982 crore in the corresponding period of the preceding financial year, registering a growth of 12.73% over collections of FY 2022-23,” a Finance Ministry statement said.
The gross collection of direct taxes includes CIT at Rs 1,87,311 crore and PIT including securities transaction tax at Rs 2,31,391 crore. Minor head wise collection comprises advance tax of Rs 1,16,776 crore; tax deducted at source (TDS) of Rs 2,71,849 crore; self-assessment tax of Rs 18,128 crore; regular assessment tax of Rs 9,977 crore; and tax under other minor heads of Rs 2,607 crore. The advance tax collections for the first quarter of the FY 2023-24 stand at Rs 1,16,776 crore as on 17.06.2023, against advance tax collections of Rs 1,02,707 crore for the corresponding period of the immediately preceding financial year i.e. 2022-23, showing a growth of 13.70%. The advance tax collection of Rs 1,16,776 crore as on 17.06.2023 comprises CIT at Rs 92,784 crore and PIT at Rs 23,991 crore. “Refunds amounting to Rs 39,578 crore have also been issued in the FY 2023-24 till 17.06.2023, as against refunds of Rs 30,414 crore issued during the corresponding period in the preceding financial year 2022-23, showing a growth of 30.13%,” said Finance Ministry.