Net direct tax collection swells 21% to Rs 13.70 lakh crore in FY24

Net direct tax collections rose by 20.66 per cent to over Rs 13.70 lakh crore in the current fiscal so far, the income tax department said on Monday. The net direct tax collection of Rs 13,70,388 crore (as of December 17, 2023) includes Corporation Tax (CIT) at Rs 6.95 lakh crore and Personal Income Tax (PIT), including Securities Transaction Tax at Rs 6.73 lakh crore,  the Central Board of Direct Taxes (CBDT) said in a statement..

"The provisional figures of Direct Tax collections for the Financial Year 2023-24 (as of 17.12.2023) show that Net collections are at Rs 13,70,388 crore, compared to Rs. 11,35,754 crore in the corresponding period of the preceding Financial Year (i.E. FY 2022-23), representing an increase of 20.66 per cent," the CBDT added.

The net direct tax collections have touched 75 per cent of budget estimates of direct tax mop-up in the current fiscal.

In the current fiscal, Rs 18.23 lakh crore is expected to be collected in direct taxes which includes personal income tax and corporate tax.

Refunds of over Rs 2.25 lakh crore have also been issued in the FY 2023-24 till December 17, 2023.

The gross collection of over Rs 15.95 lakh crore includes CIT at Rs 7.90 lakh crore and PIT at about Rs 8.03 lakh crore.

Minor head-wise collection comprises advance tax of Rs 6.25 lakh crore; tax deducted at source of Rs 7.71 lakh crore; self-assessment tax of Rs 1.49 lakh crore; regular assessment tax of Rs 36,651 crore; and tax under other heads of Rs 14,455 crore.

The department informed that provisional figures of Gross collection of Direct Taxes (before adjusting for refunds) for the Financial Year 2023-24 stand at Rs  15,95,639 crore compared to Rs 13,63,649 crore in the corresponding period of the preceding financial year, showing a growth of 17.01 per cent over the collections of FY 2022-23.

(With Agency Inputs)