India’s direct tax collections jump 20% to cross ₹18. 9 lakh crore in 2023-24

Updated: Mar 20th, 2024

Source: IANS

The country’s direct tax collections for the current financial year, ending on Mar 31, 2024 have shot up by 19,88% to ₹18,90,259 crore compared to ₹15,76,776 crore in the same period of the previous financial year (2022-23), the finance ministry said on Mar 19.

The net direct tax collection of ₹18,90,259 crore as of Mar 17 includes corporation tax at ₹9,14,469 crore (net of refund) and personal income tax including securities transaction tax (STT) at ₹9,72,224 crore (net of refund).

The provisional figures of gross collection of direct taxes (before adjusting for refunds) for the financial year 2023-24 stand at ₹22,27,067 crore compared to ₹18,75,535 crore in the corresponding period of the preceding financial year, showing a growth of 18.74% over the collections of FY 2022-23.

Provisional figures of total advance tax collections for financial year 2023-24 as of Mar 17 stood at ₹9,11,534 crore, against advance tax collections of ₹7,45,246 crore for the corresponding period of the preceding financial year (i.e. FY 2022-23), showing a growth of 22.31%. The advance tax collection of ₹9,11,534 crore comprises corporation tax at ₹6,72,899 crore and personal income tax at ₹2,38,628 crore.

Refunds amounting to ₹3,36,808 crore have also been issued in the FY 2023-24 till Mar 17 as compared to refunds of ₹2,98,758 crore issued in FY 2022-23, marking an increase of 12.74% over the refunds issued during the same period in the preceding year, the finance ministry statement added.

(Source: IANS)

-Edited for style

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