Net direct tax kitty up 19.88% in FY24
Net collections rose to Rs18,90,259 cr from Rs15,76,776 cr in FY23
New Delhi: The provisional figures of direct tax collections for the Financial Year 2023-24 as on March 17, 2024, show that net collections were at Rs18,90,259 crore as compared to Rs15,76,776 crore in the corresponding period of the preceding financial year (FY 2022-23, representing an increase of 19.88 per cent, the Income-Tax (I-T) Department said.
The net direct tax collection of Rs18,90,259 crore as on March 17, 2024, includes Corporation Tax (CIT) at Rs9,14,469 crore (net of refund) and Personal Income Tax (PIT), including Securities Transaction Tax (STT) at Rs9,72,224 crore (net of refund).
The provisional figures of gross collection of direct taxes (before adjusting for refunds) for FY 2023-24 stand at Rs22,27,067 crore compared to Rs18,75,535 crore in the corresponding period of the preceding financial year, showing a growth of 18.74 per cent over the collections of FY 2022-23.
The gross collection of Rs22,27,067 crore includes CIT at Rs10,98,183 crore and PIT, including STT at Rs11,25,228 crore. Minor head wise collection comprises Advance Tax of Rs9,11,534 crore; Tax Deducted at Source of Rs10,44,511 crore; Self-Assessment Tax of Rs1,73,296 crore; Regular Assessment Tax of Rs 73,548 crore; and Tax under other minor heads of Rs24,177 crore.
Provisional figures of total Advance Tax collections for FY 2023-24 as on March 17, 2024, stand at Rs9,11,534 crore, against Advance Tax collections of Rs7,45,246 crore for the corresponding period of the immediately preceding Financial Year (i.e. FY 2022-23), showing a growth of 22.31 per cent.
