Centre's direct tax collection rose 11% to stand at ₹3.8 lakh cr in FY24 so far
1 min read 18 Jun 2023, 07:58 PM ISTThe gross collection of direct taxes (before adjusting for refunds) for the FY 2023-24 stands at ₹4,19,338 crore.
PremiumThe Centre's direct tax collections for the FY 2023-24, jumped by 11 per cent stand at ₹3,79,760 crore, as compared to ₹3,41,568 crore in the corresponding period of the preceding FY 2022- 23.
The net direct tax collection of ₹379,760 crore includes corporation tax (CIT) at ₹1,56,949 crore (net of refund) and personal income tax (PIT) including securities transaction tax (STT) at ₹2,22,196 crore (net of refund).
The gross collection of direct taxes (before adjusting for refunds) for the FY 2023-24 stands at ₹419,338 crore as compared to ₹371,982 crore in the corresponding period of the preceding financial year.
The gross collection includes corporation tax (CIT) at ₹187,311 crore and personal income tax (PIT) including securities transaction tax (STT) at ₹231,391 crore.
Minor head wise collection comprises advance tax of ₹116,776 crore, tax deducted at source (TDS) of ₹271,849 crore, self-assessment tax of ₹18,128 crore; regular assessment tax of ₹9,977 crore; and tax under other minor heads of ₹2,607 crore.
The advance tax collections for the first quarter of FY 23-24 rose by 13.7 per cent to stand at ₹116,776 crore. This is against advance tax collections of ₹102,707 crore for the corresponding quarter last fiscal.
The advance tax collection comprises of corporation tax (CIT) at ₹92,784 crore and personal income tax (PIT) at ₹23,991 crore.
Refunds soared by 30.13 per cent year-on-year to ₹39,578 crore have also been issued in the FY 2023- 24 till 17 June, 2023. This as against refunds of ₹30,414 crore issued during the corresponding period last fiscal.