The Finance Ministry reported a significant 20.66% surge in net direct tax collections for the fiscal year 2023-24, soaring to Rs 13,70,388 crore from the previous year's Rs 11,35,754 crore by the corresponding period.
This robust collection comprises Corporation Tax at Rs 6,94,798 crore (net of refund) and Personal Income Tax, including Securities Transaction Tax (STT), at Rs 6,72,962 crore (net of refund). Refunds amounting to Rs 2,25,251 crore were issued until December 17, 2023, as per the official statement.
The breakdown showcases Advance Tax at Rs 6,25,249 crore, Tax Deducted at Source at Rs 7,70,606 crore, Self-Assessment Tax at Rs 1,48,677 crore, Regular Assessment Tax at Rs 36,651 crore, and Tax under other minor heads at Rs 14,455 crore.
Key Points:
1. In the fiscal year 2023-24, net direct tax collections surged by 20.66%, reaching Rs 13,70,388 crore, compared to Rs 11,35,754 crore in the same period of 2022-23, as confirmed by the Finance Ministry.
2. This collection encompasses Corporation Tax amounting to Rs 6,94,798 crore (net of refunds) and Personal Income Tax, which includes Securities Transaction Tax (STT), totaling Rs 6,72,962 crore (net of refunds).
3. The issuance of refunds during 2023-24 until Dec 17 amounted to Rs 2,25,251 crore, as highlighted in the official statement.
4. The detailed breakdown of collections includes Advance Tax at Rs 6,25,249 crore, Tax Deducted at Source at Rs 7,70,606 crore, Self-Assessment Tax at Rs 1,48,677 crore, Regular Assessment Tax at Rs 36,651 crore, and Tax under other minor heads at Rs 14,455 crore.
5. Notably, provisional figures reveal a substantial growth in Advance Tax collections for the fiscal year 2023-24, standing at Rs 6,25,249 crore as of Dec 17, showcasing a nearly 20% increase compared to the corresponding period in the previous financial year. This comprises Corporation Tax of Rs 4,81,840 crore and Personal Income Tax of Rs 1,43,404 crore.
(With Agency Inputs)
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