Direct tax receipts up 11% till mid-June
1 min read 18 Jun 2023, 10:53 PM ISTThe central government expects to collect ₹18.2 trillion this financial year, which is 10.5% more than what was collected in FY23, as per revised estimates.
PremiumNew Delhi: The Central government’s direct tax receipts this fiscal up to 17 June stood at around ₹3.8 trillion after adjusting for refunds, an improvement of over 11% from the collections made in the same period a year ago, the Central Board of Direct Taxes (CBDT) said on Sunday.
The tax department had collected ₹ 3.41 trillion in the same period a year ago. The figures are released after the due date for the first instalment of advance taxes, which was 15 June.
Corporate tax receipts after adjusting for refunds stood at ₹ 1.57 trillion and personal income tax receipts including securities transaction tax (STT) stood at ₹2.2 trillion up to 17 June this year.
The central government expects to collect ₹18.2 trillion this financial year, which is 10.5% more than what was collected in FY23, as per revised estimates.
Gross direct tax receipts before adjusting for refunds stood at ₹4.19 trillion, compared to ₹3.72 trillion in the corresponding period of the preceding financial year. This shows a 12.73% growth, CBDT said.
Within this, corporate tax receipts accounted for ₹ 1.87 trillion and personal income tax including STT for ₹ 2.3 trillion.
In terms of mode of payment, advance taxes accounted for ₹1.17 trillion, tax deducted at source accounted for ₹2.71 trillion, self-assessment tax ₹18,128 crore and regular assessment tax ₹9,977 crore. Advance tax receipts so far this fiscal show an improvement of 13.7%.
Corporations have paid ₹ 92,784 crore as advance tax while, personal income tax payers paid ₹23,991 crore. Advance tax is paid in four instalments in a year.
The tax department also refunded ₹ 39,578 crore so far this fiscal compared to ₹30,414 crore issued during the corresponding period in the year before. This shows an improvement of 30% in refunds, CBDT said.