NEW DELHI: Net direct tax collections were at Rs 18,90,259 crore for the financial year 2023-24 (FY24), compared to Rs 15,76,776 crore in the corresponding period of FY23, representing an increase of 19.88%, according to the provisional figures released by the Central Board of Direct Taxes (CBDT) on Tuesday.
The net collection includes corporation tax (CIT) at Rs 9,14,469 crore (net of refund) and personal income tax (PIT) including securities transaction tax (STT) at Rs 9,72,224 crore (net of refund).
The provisional figures of gross collection of direct taxes (before adjusting for refunds) for FY24 stood at Rs 22,27,067 crore compared to Rs 18,75,535 crore in the corresponding period of the preceding financial year, a rise of 18.74%.
The gross collection includes CIT at Rs 10,98,183 crore and PIT including STT at Rs 11,25,228 crore. Minor head wise collection comprises advance tax of Rs 9,11,534 crore, tax deducted at source of Rs 10,44,511 crore, self-assessment tax of Rs 1,73,296 crore, regular assessment tax of Rs 73,548 crore, and tax under other minor heads of Rs 24,177 crore.
Provisional figures of total advance tax collections for FY24 (as of March 17) stood at Rs 9,11,534 crore, against advance tax collections of Rs 7,45,246 crore for the corresponding period of the immediately preceding financial year, a growth of 22.31%. The advance tax collection comprises CIT at Rs 6,72,899 crore and personal income tax at Rs 2,38,628 crore.
Refunds amounting to Rs 3,36,808 crore have also been issued in the FY24 till March 17, as compared to refunds of Rs 2,98,758 crore issued in FY23, marking an increase of 12.74% over the refunds issued during the same period in the preceding year.
Advance tax collections up 22% at Rs 9,11,534 cr
Total advance tax collections for FY24 (as of March 17) stood at Rs 9,11,534 crore, Rs 7,45,246 crore for the corresponding period of the immediately preceding financial year, a growth of 22.31%. It comprises CIT at Rs 6,72,899 crore and personal income tax at Rs 2,38,628 crore