Home Income tax Individual Income Tax Net Direct Tax collections for FY 2023-24 grew at over 20.66%

Net Direct Tax collections for FY 2023-24 grew at over 20.66%

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Net Direct Tax collections for FY 2023-24 grew at over 20.66%

Internet Direct Tax collections for FY 2023-24 grew at over 20.66%

The provisional numbers for Direct Tax collections for the monetary 12 months 2023-24 (as of 17.12.2023) reveal that web collections are at Rs.13,70,388 crore, as in comparison with Rs.11,35,754 crore in the identical interval of the monetary 12 months 2022-23, reflecting a 20.66% rise.

The Internet Direct Tax assortment of Rs.13,70,388 crore (as on 17.12.2023) includes Company Tax (CIT) of Rs.6,94,798 crore (web of refund) and Private Earnings Tax (PIT) comprising Securities Transaction Tax (STT) of Rs.6,72,962 crore (web of refund).

The provisional numbers for Gross Assortment of Direct Taxes (earlier than Adjustment for Refunds) for Monetary 12 months 2023-24 are at Rs.15,95,639 crore, as in comparison with Rs.13,63,649 crore within the equal interval of the earlier monetary 12 months, representing a 17.01% enhance over Monetary 12 months 2022-23 collections.

The gross assortment of Rs.15,95,639 crore consists of Rs. 7,90,049 crore for Company Tax (CIT) and Rs.8,02,902 crore for Private Earnings Tax (PIT) comprising Securities Transaction Tax (STT). Advance Tax of Rs.6,25,249 crore; Tax Deducted at Supply of Rs.7,70,606 crore; Self-Evaluation Tax of Rs.1,48,677 crore; Common Evaluation Tax of Rs.36,651 crore; and Tax beneath different minor headings of Rs.14,455 crore are the minor head-wise collections.

Whole Advance tax collections for Monetary 12 months 2023-24 (as of 17.12.2023) are estimated to be Rs.6,25,249 crore, up from Rs.5,21,302 crore for the equal interval of the instantly prior Monetary 12 months (i.e. FY 2022-23), representing a 19.94% enhance. The Advance Tax assortment of Rs.6,25,249 crore consists of Rs.4,81,840 crore for Company Tax (CIT) and Rs.1,43,404 crore for Private Earnings Tax (PIT).

Refunds totaling Rs.2,25,251 crore have additionally been granted within the monetary 12 months 2023-24 till December 17, 2023.

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