Net direct tax collection grows 20% till March 17: CBDT
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The Central Board of Direct Taxes (CBDT) has said that the provisional figures of net direct tax collections registered a growth of 19.88 per cent to Rs 18,90,259 crore for the financial year 2023-24 (as of March 17, 2024) as compared to Rs 15,76,776 crore in the corresponding period of the previous financial year (FY 2022–23), on higher advance tax mop-up.
It said net direct tax collection of Rs 18,90,259 crore includes Corporation Tax (CIT) at Rs 9,14,469 crore (net of refund) and Personal Income Tax (PIT), including Securities Transaction Tax (STT) at Rs 9,72,224 crore (net of refund). Advance Tax collections for Financial Year 2023-24 (as of March 17) stood at Rs 9.11 lakh crore, a 22.31 per cent growth over the last fiscal. The Advance Tax collection of Rs 9,11,534 crore comprises CIT at Rs 6.73 lakh crore and PIT at Rs 2.39 lakh crore. Refunds of about Rs 3.37 lakh crore have also been issued in the current fiscal till March 17.
It further said on a gross basis, before adjusting refunds, the direct tax collection stood at Rs 22.27 lakh crore, an 18.74 per cent growth over the year-ago period. The government had in the revised estimates for direct tax collection pegged the receipts for the full fiscal (April-March) at Rs 19.45 lakh crore.
