Record surge in Advance Tax collection for Direct Tax signals economic growth

In a noteworthy development, the advance tax collection for direct taxes has witnessed a remarkable uptick, showcasing a robust 19.76% growth compared to the figures recorded last year.

The data for December 2023 reveals a staggering collection of Rs 6,24,329 lakh crore, a substantial increase from the previous year's Rs 5,21,302 lakh crore.

The surge in advance corporate tax stands out with a growth rate of 21.11%, marking a notable rise from Rs 3.97 lakh crore last year to Rs 4.81 lakh crore in the current fiscal year.

This surge in corporate tax contributions underscores the resilience and vitality of the business sector in the face of economic challenges.

Concurrently, a significant 15.26% year-on-year increase has been observed in advance personal tax, with collections reaching Rs 1.42 lakh crore compared to the previous year's Rs 1.23 lakh crore.

This growth in individual contributions to advance tax reflects a positive trend in personal income, indicative of economic prosperity at the grassroots level.

The overall net collection has seen a growth of 20.53% in comparison to the preceding year. The total amount collected now stands at Rs 13.68 lakh crore, a substantial leap from last year's Rs 11.35 lakh crore.

This substantial increase in net collection suggests a robust economic outlook and points towards a positive trajectory for the fiscal year.