Direct Tax collections for FY 2023-24 register a steady growth
Direct Tax collection, net of refunds, stands at Rs. 4.75 lakh crore which is 15.87% higher than the net collections for the corresponding period of last year.
The provisional figures of Direct Tax collections up to 9th July, 2023 continue to register a steady growth. The gross collections are at Rs. 5.17 lakh crore, which is 14.65% higher than the gross collections for the corresponding period of last year.
Direct Tax collection, net of refunds, stands at Rs. 4.75 lakh crore which is 15.87% higher than the net collections for the corresponding period of last year. This collection is 26.05% of the total budget estimates of direct taxes for F.Y. 2023-24.
Refunds amounting to Rs. 42,000 crore have been issued during 1st April, 2023 to 9th July 2023, which are 2.55% higher than refunds issued during the same period in the preceding year.
Earlier, the figures of Direct Tax collections for the Financial Year 2023-24, as on 17.06.2023 had also showed a good growth. The net collections for the period were at Rs. 3,79,760 crore, compared to Rs. 3,41,568 crore in the corresponding period of the preceding Financial Year i.e. FY 2022-23, representing an increase of 11.18%.
The Net Direct Tax collection of Rs. 3,79,760 crore as on 17.06.2023 included Corporation Tax (CIT) at Rs. 1,56,949 crore (net of refund) and Personal Income Tax including Securities Transaction Tax at Rs. 2,22,196 crore (net of refund).
The Gross collection of Direct Taxes (before adjusting for refunds) for the FY 2023-24 stands at Rs. 4,19,338 crore as compared to Rs. 3,71,982 crore in the corresponding period of the preceding financial year, registering a growth of 12.73% over collections of FY 2022-23.
The Advance Tax collections for the first quarter of the FY 2023-24 stood at Rs. 1,16,776 crore as on 17.06.2023, against Advance Tax collections of Rs. 1,02,707 crore for the corresponding period of the immediately preceding Financial Year i.e. 2022-23, showing a growth of 13.70%. The Advance Tax collection of Rs. 1,16,776 crore as on 17.06.2023 comprised Corporation Tax (CIT) at Rs. 92,784 crore and Personal Income Tax (PIT) at Rs. 23,991 crore.
