India’s direct tax collections jump 20% to cross Rs 18. 9 lakh crore in 2023-24

New Delhi, March 19 (SocialNews.XYZ) The country's Direct Tax collections for the current financial year, ending on March 31, 2024 have shot up by 19,88 per cent to Rs 18,90,259 crore compared to Rs 15,76,776 crore in the same period of the previous financial year (2022-23), the Finance Ministry said on Tuesday.

The Net Direct Tax collection of Rs 18,90,259 crore as of March 17 includes Corporation Tax at Rs 9,14,469 crore (net of refund) and Personal Income Tax including securities transaction tax (STT) at Rs 9,72,224 crore (net of refund).

The provisional figures of gross collection of Direct Taxes (before adjusting for refunds) for the Financial Year 2023-24 stand at Rs. 22,27,067 crore compared to Rs. 18,75,535 crore in the corresponding period of the preceding financial year, showing a growth of 18.74 per cent over the collections of FY 2022-23.

Provisional figures of total Advance Tax collections for Financial Year 2023-24 as of March 17 stood at Rs. 9,11,534 crore, against Advance Tax collections of Rs. 7,45,246 crore for the corresponding period of the preceding Financial Year (i.e. FY 2022-23), showing a growth of 22.31 per cent. The Advance Tax collection of Rs. 9,11,534 crore comprises Corporation Tax at Rs. 6,72,899 crore and Personal Income Tax at Rs. 2,38,628 crore.

Refunds amounting to Rs. 3,36,808 crore have also been issued in the FY 2023-24 till March 17 as compared to refunds of Rs. 2,98,758 crore issued in FY 2022-23, marking an increase of 12.74 per cent over the refunds issued during the same period in the preceding year, the finance ministry statement added.

Source: IANS