Net direct tax collection soars 23.5% to over Rs 8.65 lakh crore on better advance tax mop-up

Finance ministry on Monday (September 18) released direct tax collection provisional figures for FY24 (as on September 16), reporting an increase of 23.51 per cent at Rs. 8,65,117 crore against Rs 7,00,416 crore in the corresponding period last year.

The net direct tax collections include corporation tax (CIT) at Rs. 4,16,217 crore (net of refund) and personal income tax (PIT) including securities transaction tax (STT) at Rs. 4,47,291 crore (net of refund), the ministry said in a statement.

Provisional figures of gross collection of direct taxes (before adjusting for refunds) for 2023-24 stands at Rs 9,87,061 crore as against Rs 8,34,469 crore in the corresponding period last fiscal, showing a growth of 18.29 per cent. 

The gross collection of Rs 9,87,061 crore includes corporation tax (CIT) at Rs 4,71,692 crore, and personal income tax (PIT) including securities transaction tax (STT) at Rs 5,13,724 crore.

Minor head-wise collection comprises an advance tax of Rs 3,55,481 crore; tax deducted at source of Rs 5,19,696 crore; self-assessment tax of Rs 82,460 crore; regular assessment tax of Rs 21,175 crore; and tax under other minor heads of Rs 8,248 crore, the ministry said.

The ministry said that provisional figures of advance tax collections for Financial Year 2023-24 (as on September 16) stand at Rs 3,55,481 crore, against an advance tax collections of Rs 2,94,433 crore for the corresponding period last fiscal, showing a growth of 20.73 per cent.

The advance tax collection comprises corporation tax (CIT) at Rs 2,80,620 crore and personal income tax (PIT) at Rs 74,858 crore. 

Refunds amounting to Rs 1,21,944crore have also been issued in the FY 2023-24 till September 16, reads the ministry's statement.