Net Direct Tax collections for FY 2023-24 grew at over 20.66%

The provisional numbers for Direct Tax collections for the financial year 2023-24 (as of 17.12.2023) reveal that net collections are at Rs.13,70,388 crore, as compared to Rs.11,35,754 crore in the same period of the financial year 2022-23, reflecting a 20.66% rise.

The Net Direct Tax collection of Rs.13,70,388 crore (as on 17.12.2023) comprises Corporation Tax (CIT) of Rs.6,94,798 crore (net of refund) and Personal Income Tax (PIT) comprising Securities Transaction Tax (STT) of Rs.6,72,962 crore (net of refund).

The provisional numbers for Gross Collection of Direct Taxes (before Adjustment for Refunds) for Financial Year 2023-24 are at Rs.15,95,639 crore, as compared to Rs.13,63,649 crore in the equivalent period of the previous financial year, representing a 17.01% increase over Financial Year 2022-23 collections.

The gross collection of Rs.15,95,639 crore includes Rs. 7,90,049 crore for Corporation Tax (CIT) and Rs.8,02,902 crore for Personal Income Tax (PIT) comprising Securities Transaction Tax (STT). Advance Tax of Rs.6,25,249 crore; Tax Deducted at Source of Rs.7,70,606 crore; Self-Assessment Tax of Rs.1,48,677 crore; Regular Assessment Tax of Rs.36,651 crore; and Tax under other minor headings of Rs.14,455 crore are the minor head-wise collections.

Total Advance tax collections for Financial Year 2023-24 (as of 17.12.2023) are estimated to be Rs.6,25,249 crore, up from Rs.5,21,302 crore for the equivalent period of the immediately prior Financial Year (i.e. FY 2022-23), representing a 19.94% increase. The Advance Tax collection of Rs.6,25,249 crore consists of Rs.4,81,840 crore for Corporation Tax (CIT) and Rs.1,43,404 crore for Personal Income Tax (PIT).

Refunds totaling Rs.2,25,251 crore have also been granted in the financial year 2023-24 until December 17, 2023.