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 percent on a Y-o-Y basis.
The provisional figures of Direct Tax collections for the Financial Year 2023-24, as of 17 March 2024, show that Net collections are at Rs 18,90,259 crore, compared to Rs 15,76,776 crore in the corresponding period of the preceding FY2022-23, indicating a rise of 19.88 percent. The Net Direct Tax collection includes Corporation Tax (CIT) of Rs 9,14,469 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) of Rs 9,72,224 crore.
The Gross collection of Rs 22,27,067 crore includes Corporation Tax (CIT) at Rs 10,98,183 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs 11,25,228 crore. Minor head wise collection comprises Advance Tax of Rs 9,11,534 crore; Tax Deducted at Source of Rs 10,44,511 crore; Self-Assessment Tax of Rs 1,73,296 crore; Regular Assessment Tax of Rs 73,548 crore; and Tax under other minor heads of Rs 24,177 crore.
Provisional figures of total Advance Tax collections for Financial Year 2023-24 (17 March 2024) stood at Rs 9,11,534 crore, against Advance Tax collections of Rs 7,45,246 crore for the corresponding period of the immediately preceding FY2022-23, showing a growth of 22.31 percent. The Advance Tax collection of Rs 9,11,534 crore comprises Corporation Tax (CIT) at Rs 6,72,899 crore and Personal Income Tax (PIT) at Rs 2,38,628 crore.
Refunds amounting to Rs 3,36,808 crore have also been issued in the FY2023-24, as compared to refunds of Rs 2,98,758 crore issued in FY 2022-23, marking an increase of 12.74 percent over the refunds issued during the same period in the preceding year.
