Gross Direct Tax collections for FY 2023-24 register a growth of 12.73% with Collection of Rs 419338 crore

Direct Tax Collections for the financial year 2023-24, as of 17.06.2023, reveal that net collections are at Rs. 3,79,760 crore, compared to Rs. 3,41,568 crore in the equivalent period of the prior Financial Year, i.e. FY 2022-23, reflecting an increase of 11.18%.

Corporation Tax (CIT) at Rs. 1,56,949 crore (net of refund) and Personal Income Tax (PIT) comprising Securities Transaction Tax (STT) at Rs. 2,22,196 crore (net of refund) account for Rs. 3,79,760 crore (as of 17.06.2023).

The gross collection of direct taxes (before correcting for refunds) for FY 2023-24 is Rs. 4,19,338 crore, up from Rs. 3,71,982 crore in the previous financial year’s similar period, representing a 12.73% increase over FY 2022-23 revenues.

The gross collection of Rs. 4,19,338 crore includes Rs. 1,87,311 crore for Corporation Tax (CIT) and Rs. 2,31,391 crore for Personal Income Tax (PIT) comprising Securities Transaction Tax (STT). Advance Tax of Rs. 1,16,776 crore; Tax Deducted at Source 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 headings of Rs. 2,607 crore are the minor head collections.

Advance Tax revenues for the first quarter of FY 2023-24 are at Rs. 1,16,776 crore as on 17.06.2023, compared to Advance Tax collections of Rs. 1,02,707 crore for the comparable period of the immediately preceding Financial Year, i.e. 2022-23, representing a 13.70% increase. The Advance Tax collection of Rs. 1,16,776 crore as on 17.06.2023 is made up of Corporation Tax (CIT) of Rs. 92,784 crore and Personal Income Tax (PIT) of 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%.