Direct tax collections for the current fiscal year, concluding on March 31, 2024, surged by 19.88% to Rs 18,90,259 crore compared to Rs 15,76,776 crore in the previous fiscal year (2022-23), as announced by the Finance Ministry 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).
Provisional figures reveal gross collection of direct taxes (before adjusting for refunds) for the Financial Year 2023-24 stands at Rs 22,27,067 crore compared to Rs 18,75,535 crore in the corresponding period of the preceding financial year, indicating a growth of 18.74% over the collections of FY 2022-23.
Advance Tax collections for the Financial Year 2023-24, as of March 17, totaled Rs 9,11,534 crore, showing a significant growth of 22.31% from the corresponding period of the preceding Financial Year (FY 2022-23), where Advance Tax collections were Rs 7,45,246 crore. 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.
Additionally, refunds totaling Rs 3,36,808 crore have been issued in FY 2023-24 till March 17 compared to refunds of Rs 2,98,758 crore issued in FY 2022-23, marking an increase of 12.74% over the refunds issued during the same period in the preceding year, stated the finance ministry.
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