Direct Tax
Net direct tax mop-up rises 23.5 pc in FY24 till mid-September
New Delhi: The Centre's tax kitty continues to swell on the back of strong economic growth. The latest data shows net direct tax collections rose 23.51% year-on-year to Rs 8.65 lakh crore in the current financial year till September 16 as against Rs 7 lakh crore in the same period a year ago.
The net direct tax collections of Rs 8.65 lakh crore includes Corporation Tax (CIT) at Rs 4.16 lakh crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs 4.47 lakh crore, according to data released by Finance Ministry on Monday.
The provisional figures of gross collection of direct taxes (before adjusting for refunds) for the financial year 2023-24 stands at Rs 9.87 lakh crore compared to Rs 8.34 lakh crore in the corresponding period of the preceding financial year, showing a growth of 18.29%.
The gross collection of Rs 9.87 lakh crore includes Corporation Tax (CIT) at Rs 4.71 lakh crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs 5.13 lakh crore.
Provisional figures of Advance Tax collections for Financial Year 2023-24 (as on September 16) stand at Rs 3.55 lakh crore against Advance Tax collections of Rs 2.94 lakh crore for the corresponding period of the immediately preceding financial year i.e. 2022-23, showing a growth of 20.73%.
The Advance Tax collection of Rs 3.55 lakh crore comprises Corporation Tax (CIT) at Rs 2.80 lakh crore and Personal Income Tax (PIT) at Rs 74,858 crore.
"Refunds amounting to Rs 1,21,944 crore have also been issued in the FY 2023-24 till 16.09.2023," said the official Finance Ministry release.
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