NEW DELHI: Net direct tax collections in the current financial year till 17 June 2023 showed an increase of 11.2 per cent to R3,79,760 crore compared to R3,41,568 crore in the corresponding period of the preceding financial year (2022-23)
The net direct tax collection of R3,79,760 crore includes corporation tax at R1,56,949 crore (net of refund) and personal income tax (PIT) including securities transaction tax (STT) at R 2,22,196 crore (net of refund).
The gross collection of direct taxes (before adjusting for refunds) for 2023-24 stands at R 4,19,338 crore compared to R. 3,71,982 crore in the corresponding period of the preceding financial year, registering a growth of 12.73 per cent over collections of 2022-23.
The Gross collection of R 4,19,338 crore includes corporation tax at R1,87,311 crore and personal income tax including Securities Transaction Tax (STT) at R2,31,391 crore. Advance tax collections till 17 June 2023 stood at R1,16,776 crore, which is 13.7 per cent higher than R1,02,707 crore collected during the same period the previous year.
Of the R1.16 lakh crore advance tax collection, corporate taxes accounted for R92,784 crore and personal income tax (PIT) accounted for R23,991 crore. Meanwhile, Tax Deducted at Source (TDS) accounted for R2,71,849 crore, self-assessment tax accounted for R18,128 crore, and regular assessment tax accounted for R9,977 crore.
Refunds amounting to R 39,578 crore have also been issued so far in 2023-24 against refunds of R30,414 crore issued during the corresponding period in the preceding Financial Year 2022-23, showing a growth of 30.13 per cent.
It is to be noted that the government has budgeted for R33.6 lakh crore as tax collection in FY24, out of which direct taxes are likely to account for R18.2 lakh crore. In 2022-23, direct taxes accounted for R16.25 lakh crore out of the total R30.5 lakh crore tax collection.
Advance tax and STT collections
The Gross collection of R4,19,338 crore includes corporation tax at R1,87,311 crore and the personal income tax including Securities Transaction Tax (STT) at R2,31,391 crore. Advance tax collections till 17 June 2023 stood at R1,16,776 crore, which is 13.7 per cent higher than R1,02,707 crore collected during the same period the previous year.