Net direct tax collection grows almost 20% to Rs 18.90 lakh crore till March 17 in FY 2023-24

The net direct tax collections registered a growth of 19.88 per cent to Rs 18,90,259 crore as of March 17, FY 2023–24, compared to Rs 15,76,776 crore in the corresponding period of the previous financial year (FY 2022–23), as per data released by the Ministry of Finance on Tuesday, March 19.

The net direct tax collection includes Corporation Tax (CIT) at Rs. 9,14,469 crore (net of refund) and Personal Income Tax (PIT), including Securities Transaction Tax (STT) at Rs. 9,72,224 crore (net of refund).

Furthermore, the ministry stated that there is an 18.74 per cent increase in the gross collection of direct taxes (before adjusting for refunds) for FY 2023–24, which stood at Rs 22,27,067 crore compared to Rs 18,75,535 crore in the corresponding period for the previous fiscal.

The gross collection included Corporation Tax (CIT) at Rs 10,98,183 crore and Personal Income Tax (PIT), including Securities Transaction Tax (STT) at Rs 11,25,228 crore.

The data further stated the minor head-wise collections, which comprise an advance tax of Rs 9,11,534 crore, a tax deducted at source of Rs 10,44,511 crore, a self-assessment tax of Rs 1,73,296 crore, a regular assessment tax of Rs 73,548 crore, and a tax under other minor heads of Rs 24,177 crore.

Additionally, the provisional figures of total advance tax collections for FY 2023–24 as of March 17, 2024, saw a rise to Rs 9,11,534 crore by 22.31 per cent, compared to Rs 7,45,246 crore in the same period for FY 2022–23.

The advance tax collection comprises Corporation Tax (CIT) at Rs 6,72,899 crore and Personal Income Tax (PIT) at Rs 2,38,628 crore.

The ministry also mentioned that the refunds amounting to Rs 3,36,808 crore have also been issued for FY 2023–24 till March 17 as compared to refunds of Rs 2,98,758 crore issued in the previous fiscal, marking an increase of 12.74 per cent over the refunds issued during the same period.