Net Tax Collection Surges by 23.5%: Finance ministry on Monday (September 18) released provisional direct tax collection figures for FY24 (as of September 16), reporting a 23.51 percent increase to Rs 8,65,117 crore compared to Rs 7,00,421 crore for the same period last year.
The ministry said in a statement that 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).
Gross collection of direct taxes (before adjusting for refunds) for 2023-24 is estimated at Rs 9,87,061 crore, up from Rs 8,34,469 crore for the same period in the previous fiscal year, a growth of 18.29 percent.
The total revenue of Rs 9,87,061 crore consists of Rs 4,71,692 crore in corporation tax (CIT) and Rs 5,13,724 crore in personal income tax (PIT) including securities transaction tax (STT).
Advance tax of Rs 3,555,481 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 amount to Rs 8,248 crore, according to the ministry.
Advance tax collections for Financial Year 2023-24 (as of September 16) are estimated to be Rs 3,55,481 crore, up from Rs 2,94,433 crore for the same period in the previous fiscal year, a growth of 20.73 percent, according to the ministry.
The advance tax collection consists of Rs 2,80,620 crore in corporation tax (CIT) and Rs 74,858 crore in personal income tax (PIT).
In addition, refunds totaling Rs 1,21,944 crore were issued in the fiscal year 2023–24 through September 16, according to a ministry statement.
