Direct Tax Collections of Rs.8,65,117 crore for FY 2023-24 registers a growth of 18.29%

The provisional figures of Direct Tax collections for the Financial Year 2023-24 (as on 16.09.2023) show that net collections are at Rs. 8,65,117 crore, compared to Rs. 7,00,416 crore in the corresponding period of the preceding Financial Year (i.e. FY 2022-23), representing an increase of 23.51%.

Net Direct Tax Collections of Rs. 8,65,117 crore (as of 16.09.2023) include Corporation Tax (CIT) of Rs. 4,16,217 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) of Rs. 4,47,291 crore (net of refund).

The provisional figures for Gross Collection of Direct Taxes (before adjusting for refunds) for the FY 2023-24 stand at Rs. 9,87,061 crore, up from Rs. 8,34,469 crore in the corresponding period of the previous financial year, representing an 18.29% increase.

The gross collection of Rs. 9,87,061 crore includes Corporation Tax (CIT) of Rs. 4,71,692 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) of Rs. 5,13,724 crore. Minor head collection includes Advance Tax of Rs. 3,55,481 crore, Tax Deducted at Source of Rs. 5,19,696 crore, Self-Assessment Tax of Rs. 82,460 crore, Regular Assessment Tax of Rs. 21,175 crore, and Tax under other minor heads of Rs. 8,248 crore.

Provisional figures for Advance Tax collections for Financial Year 2023-24 (as of 16.09.2023) are Rs. 3,55,481 crore, compared to Rs. 2,94,433 crore for the corresponding period of the immediately preceding Financial Year, indicating a 20.73% increase. The Advance Tax collection of Rs. 3,55,481 crore as of 16.09.2023 consists of Rs. 2,80,620 crore for Corporation Tax (CIT) and Rs. 74,858 crore for Personal Income Tax (PIT).

Refunds amounting to Rs. 1,21,944 crore have also been issued in the FY 2023-24 till 16.09.2023.