India's direct tax collections reported an increase of 19.88% to over ₹18.90 lakh crore till March 17, the Income Tax department said on Tuesday (March 19).
The net direct tax collection of ₹18.90 lakh crore includes Corporation Tax (CIT) at ₹9.14 lakh crore (net of refund) and Personal Income Tax (PIT), including Securities Transaction Tax (STT) at ₹9.72 lakh crore (net of refund).
The gross collection of direct taxes (before adjusting for refunds) for FY2023-24 stands at ₹22.27 lakh crore compared to ₹18,75,535 crore in the corresponding period of the preceding financial year, showing a growth of 18.74% over the collections of FY 2022-23.
The gross collection of ₹22,27,067 crore includes Corporation Tax (CIT) at ₹10,98,183 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at ₹11,25,228 crore.
The minor head-wise collection comprises advance tax of ₹9,11,534 crore, tax deducted at source of ₹10,44,511 crore, self-assessment tax of ₹1,73,296 crore, regular assessment tax of ₹73,548 crore and tax under other minor heads of ₹24,177 crore.
The total
advance tax collections as of March 17, 2024, stand at
₹9,11,534 crore, against advance tax collections of
₹7,45,246 crore for the corresponding period of the immediately preceding FY2022-23, showing a growth of 22.31%.
The advance tax collection of ₹9,11,534 crore comprises corporation tax (CIT) at ₹6,72,899 crore and Personal Income Tax (PIT) at₹2,38,628 crore.Refunds amounting to ₹3,36,808 crore have also been issued in the FY 2023-24 till March 17, 2024, as compared to refunds of ₹2,98,758 crore issued in FY2022-23, marking an increase of 12.74% over the refunds issued during the same period in the preceding year.
